African Development Bank to Fund Urban Mobility in Abuja

African Development Bank (AfDB) Group will leverage funding from the Clean Technology Fund (CTF) to funds a project on Bus Rapid Transport (BRT) system in Abuja. “The project,” according to the Group, “Will contribute towards developing good quality public transport system in the city. Not only will this reduce reliance on cars, but will also provide affordable transport that increases the level of social inclusiveness.” “Once approved, the project will represent the first BRT project to be financed by the AfDB Group. Furthermore, the co-financing arrangement to be applied with the Clean Technology Fund is also the first of its kind by the AfDB Group in the transport sector. The project will pave the way for further similar engagements by the AfDB Group in the urban transport scene, and for leveraging funds through specialized climate change instruments. The project is a perfect fit for the AfDB Group’s approach for inclusive green growth and its new strategy for urban development.” “The total project cost for Phase I (pilot phase) is estimated at $158.10 million; however the AfDB Group has allocated approximately $50 million under ADF and another $50 million to be funded through a co-financing arrangement utilising the Clean Technology Fund.”