BREAKING NEWS

    $123.91 Million Loan to Benin for Road Construction Project

    Posted On 24 Jun 2020
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    Comments: 24

    By Abdul Rahman Bangura–

    Photo Credit: Road Traffic Technology

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- $123.91 million loan has been given by the United Kingdom, Export Finance to the administration of Benin to enhance a UK contract for the construction company – Sogea-Satom, to renew the main interstate road, securing business for the UK supply chain.

    Consensus emerges in January, 2020 from the Africa Investment Summit in the UK where the UK devoted to being the ‘partner of choice’ for African nations. Total UK exports to Benin were worth $35.93 million in last year and this contract is set to extensively boost that figure during the two years of the road’s development.

    Graham Stuart MP – Minister for Exports, said, “This deal will bring significant benefits to UK construction exporters and suppliers at a time when we need to keep trade flowing. It shows that UK businesses, with the right support from government, can continue to export anywhere in the world.”

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    Construction company Sogea-Satom UK which is understood, is part of one of the world’s largest construction group VINCI, will embark the works on the road between Bohicon and Parakou to adequately connect Benin to neighboring Niger.

    After renovations, the roads shall contributes to necessary infrastructure for businesses in Benin. It will also boost entry to landlocked African countries to the north, enabling to revamp the country’s marketing potential and allow the free flow of commercial traffic in the region.

    In addendum to this road project, Sogea Sotum UK is also accountable for supervising other large-scale projects in Benin which but not included to civil works, construction of buildings, refurbishment and development of roads and construction of marine infrastructure. Sogea Sotum UK is bolstering its friendships with the UK suppliers to participate to its project channel in the region.

    Jean-Michel Guelaud – Chief Executive Officer of Africa at Sogea Satom UK, remarked, “We are excited about this project which help us expand our overseas footprint and will have a profound impact on trade in West Africa. UKEF’s support was fundamental to the securing of this contact and shows the UK government belief in the importance of trade with dynamic, emerging economies.”

     

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    About the Author
    New Africa Business News Staff Correspondent
    1. Chuki June 24, 2020 at 3:55 am Reply

      Thank you new Africa business news for all your reporting. Benin can take loan from any government but I totally disagree on them using the loan giver in this case UK, by using UK’s construction exporters and suppliers. Benin should use African companies to do this construction and African suppliers. We in the Continent are capable of building and supplies for any construction. Johannesburg SOUTH AFRICA. Chuki.

    2. Kwamboka June 24, 2020 at 4:03 am Reply

      Or yes African construction companies are building the best roads. Bad idea to use our northern neighbors, that exploited Africa for centuries. Thank you new Africa news for reporting. Nairobi, Kenya. Kwamboka.

    3. Philippe June 24, 2020 at 4:14 am Reply

      Any loan that Benin is taking or took, will be paid with interest. They should not take foreign company to do the construction job and supplies for the construction. Please Benin use our Companies in Africa. Maputo, Mozambique! Philippe.

    4. Alfred June 24, 2020 at 4:20 am Reply

      Thank you for signing us to your great newsletter. London, England. Alfred.

    5. Mpenda June 24, 2020 at 4:24 am Reply

      Our leaders need to sign good loans. Kampala Uganda. Mpenda.

    6. Kwabena June 24, 2020 at 4:30 am Reply

      to take a loan an invest to the people is good but why let them take the money with them. That don’t make sense. Accra GHANA! Kwabena.

    7. Hans June 24, 2020 at 4:46 am Reply

      China is also being doing that. Giving the loan and doing the projects and taking the money with them. Yes some countries in Africa are not but some are. Africa has companies to do any projects. Our continent compare to most countries in the western countries did took far less loans. Is how you do with the loans. Look at United States owes more than $22 Trillion and in counting. Cape town, South Africa. Hans.

    8. Yacoub June 24, 2020 at 4:53 am Reply

      Let us build our own. Thank you for all reporting. I love your newspaper. Rabat Morocco. Yacoub.

    9. Sadiya June 24, 2020 at 5:02 am Reply

      China is being doing it for sometime. Do you know about 10,000 Chinese on average per month are moving to our continent. African Union need to look into this. Sadiya in Gaborone, Botswana!

    10. Patrick June 24, 2020 at 5:16 am Reply

      Our governments in the whole Continent need to sign great and good loans. Let them not take the money they loaned us. Thank you new Africa business news for reporting. Love your online newspaper. Kigali Rwanda. Patrick.

    11. Abdul Rahman Bangura Freetown, Sierra Leone. June 24, 2020 at 8:26 am Reply

      Let’s try to put Africa first; by giving project to our own African brothers and sisters.

    12. Abibatu Bangura Freetown, Sierra Leone. July 16, 2020 at 6:59 pm Reply

      Good reports Journalist Bangura. Africa let’s put Africa first,
      we have engineers that are capable of doing everything when it comes to road, bridges, etc.

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