ADB approves $77 million to finance Algerian bypass project
The African Development Bank (ADB) has approved a loan of $76.85 million to finance the Constantine highway bypass project - phase II project in Algeria. The venture aims to improve the traffic flow by reducing transport costs, travel time and road accidents.
The ADB loan will be used to finance the construction of a 13- kilometer section of the highway with a three-lane dual carriageway of 3.5 meters wide each and a 2.5 meter wide emergency lane for the Ain El Bey - RN3 interchange section and a two-lane expandable to three-lane dual carriageway for the RN interchange -CW 133 interchange section.
The project will contribute to poverty alleviation in Algeria through increased capacity of road infrastructure that will promote national integration between East, Center and West regions on the one hand and regional integration with countries of the Arab Maghreb Union on the other.
The project will also contribute to the development of principal urban centres and the country's agricultural and industrial activities and provide easier access to major economic centers. Furthermore, the project will help reduce the unemployment rate particularly for the youth by creating 3,000 jobs in the Constantine region.
The ADB loan will be used to finance the foreign exchange costs of the project whose total cost is estimated at $111.46 million. ADB operations in Algeria started in 1971. To date, the Group has committed a total amount equivalent to $ 2.51 billion on 33 operations. Of this amount, about $1.38 billion have been disbursed. — (menareport.com)
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