(Ecofin Agency) - The African Development Bank (AfDB) granted €23.4 million for the development of the port of Bujumbura in Burundi. According to the Bank, €17.3 million will be provided by the African Development Fund (ADF) and €6.1 million will come from the Transition Support Facility (TSF).

The grant deals were signed February 18 between Burundi's Finance Minister Domitien Ndihokubwayo, and the AfDB Country Officer in Burundi, Daniel Ndoye.

The resources will help finance Phase 1 of the Lake Tanganyika Transport Corridor Development Project, which involves the renovation of the port of Bujumbura. The initiative will increase the capacity and efficiency of the port of Bujumbura and thus improve regional connectivity; develop regional trade along the integrated Lake Tanganyika corridor by interconnecting it with existing regional trade corridors, thereby stimulating economic growth and improving the welfare of the people of Burundi.

The project, co-financed by the Government of Burundi and the African Development Bank, also benefits from a €19.7 million grant from the European Union, to be signed shortly.

Romuald Ngueyap