IFC, a member of the World Bank Group, has agreed to provide EUR 52.5 million (USD 58 million) of debt financing to boost the capacity and improve the efficiency of Gabon’s rail network and improve the Central African country’s trade and transport links.
The financing was awarded to Société d’Exploitation du Transgabonais (SETRAG), which has been the concessionaire of the 650-kilometer Transgabonais rail line between Franceville and Libreville since 2005. The Transgabonais serves Gabon’s main central economic corridor and helps connect the country’s landlocked iron ore and manganese mines to international markets. SETRAG will use the funds to increase the railway’s transport capacity while also improving its reliability.
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