Foreign
AFRICA Finance Corporation, AFC, the leading infrastructure solutions provider on the continent, has entered into a joint development agreement with Trans Connexion Congo (TCC), to jointly develop a mass transit system covering a linear route of 300km of railroad in Kinshasa, Africa’s most populous city, in the Democratic Republic of Congo.
The development of this urban train is to be executed in four phases, with the first phase being a 25km rail connection from the central station of Kinshasa to the city’s N’Djili International Airport. Implementation will involve the complete replacement of the existing rail track.
AFC is making an initial US$3million investment towards the completion of the Project Development activities that will take the project to financial close as early as Q4 2023, as currently planned. In addition to its role as a co-developer and investor, the Corporation is also Mandated Lead Arranger for the Project.
Kinshasa has seen rapid population growth over the last few decades, far outpacing the development and maintenance of transport infrastructure in the city. As a result, transportation systems are severely congested, with the current system meeting only 47% of the daily transport demand, according to Kinshasa’s urban transport master plan. By refurbishing and expanding the existing rail network, this urban train project will contribute to bridging the significant gap in Kinshasa’s transportation sector.
A fully functional railway system will not only contribute to the reduction of Green House Gas (GHG) emissions in the city but improve mobility and accessibility with significant reduction in transportation times between the suburbs and the city centre, further increasing economic productivity.
Amadu Wadda, Senior Director, Project Development & Technical Solutions at Africa Finance Corporation said: “We are pleased to partner with TCC and all the other project stakeholders (SCTP and the City of Kinshasa) on this critical project that aims to rapidly industrialize DRC’s capital city, Kinshasa, through its rail transportation system. The project will support local job creation with 1500 direct and indirect jobs at the construction and operational phases, transforming the lives of citizens and boosting DRC’s economic growth.”
Erick Onepunga Yongo, Managing Director of TCC said: “TCC is the promoter of the Kinshasa Urban Train project (MetroKin). It conceived the project from the beginning and carried out the feasibility studies that preceded the signing of the joint development agreement with AFC and the partnership agreements between the City of Kinshasa and SCTP. TCC’s dream of modernising the rail transport in Kinshasa is in line with the vision of the Congolese President Felix Antoine Tshisekedi.”
“Under the lead of AFC, the support of the Central Coordination Office – BCECO and the support of the Congolese government, the materialisation of this project becomes effective through the project company MetroKin.SA,” he added.
AFC is one of the largest investors in Africa’s transportation infrastructure, acting as mandated lead arranger in the US$365 million Henri Konan Bedie Bridge in Cote D’Ivoire, which provides quick and easy access to the centre of Abidjan; and the US$160 million Bakwena Toll Road in South Africa, which has led to significant reductions in the time and cost of travel to and from Pretoria.
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
A.I
Tags: Africa Finance Corporation
