EIB grants three new loans

26 July 2002

The European Investment Bank on 24 July announced that it would lend a total of Eur 165 million ($163 million) to finance three infrastructure projects which are considered vital to boosting economic activity.

The first loan, of Eur 45 million ($45 million),will concentrate on improving the flow of traffic in the capital, and enabling the continuation of activity in the capital's port. Projects include the rehabilitation of a five-kilometre stretch of the 'Frais Vallon' highway between Bab el-Ouad and Chevalley and the reconstruction of five bridges destroyed by landslides.

A second loan for Eur 50 million ($49 million) will fund improvements to ease congestion and reduce pollution in the Greater Algiers road network. The scheme involves boosting the capacity of three major interchanges on the capital's ring road - Place Adis Abeba, Place du 1 Mai and Place Chevalley - and building underpasses at a number of the most crowded junctions.

The final loan of Eur 70 million ($69 million) will finance construction of a 26-kilometre stretch of highway between Bouira and El-Adjiba to the east of Algiers. The new section will form part of the East-West Trans-Maghreb motorway (MEED 24:11:00).

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