AfDB approves loans for Air Cote d'Ivoire Airbus purchase

The African Development Bank (AfDB) has approved E98m in loans to help fund Ivory Coast national airline Air Cote d'Ivoire's purchase of 5 new Airbus A320s, the bank said Thursday. The loans will contribute to a total investment of E253m that the company says will help Air Cote d'Ivoire become West Africa's premier airline and make Ivory Coast's commercial capital Abidjan the region's main travel hub. The AfDB financing includes a E51m sovereign loan, a E43m private sector loan, and an African Development Fund loan of E4m. The bank's support also includes a E17m partial risk guarantee to ensure the participation of commercial banks, which will contribute E95m. "The transaction is the first of its kind to use the leveraging power of the partial risk guarantee for the transport sector in Africa," the AfDB said. <br/>