[2019-11-14] EIB lends 12.5 million euros to São Tomé and Príncipe for coastal protection works

Source: Macauhub

The European Investment Bank (EIB) has approved a 12.5 million-euro loan to São Tomé and Príncipe to help finance the Água-Grande coastal protection project and rehabilitation and upgrading of the capital’s coastal road, the EIB said.

The document sent by the EIB to the São Tomé and Príncipe Ministry of Finance also said that the draft financing agreement will be sent shortly, “with a view to it being signed before the end of 2019.”

The STP-Press news agency reported that the project, which is estimated to cost about US$21 million, will have additional funding from the Netherlands Government and the World Bank.

The project is focused on renewal of the entire coastal road of the capital of São Tomé, from the international airport to the Pantufo area, comprising mainly the recovery, expansion and modernisation of roads, pavements and parks as well as resurfacing the road and building some infrastructure to modernise the city.

In addition to protecting the waterfront from erosion using barriers, the project includes other infrastructure changes and innovations, especially focused on tourism, such as installing specific paths for pedestrians, cyclists and motorcyclists, as well as for sports.