(Ecofin Agency) - Gabon’s railway concessionaire, SETRAG, received a €52.5 million loan from the International Finance Corporation (IFC) to increase its capacity and improve the efficiency of the nation’s railway network.

The 650km-long network connecting Libreville to Franceville links the country’s iron and manganese mines to international markets. SETRAG will use the loan to increase its transport capacity while boosting its reliability.

“We are glad to provide consultative and financing services for the renovation of the Gabon’s network. This project will support efficient transport solutions through private sector actors, mining firms, goods dealer, thus facilitating industrial investment and economic growth in Gabon,” said Vera Songwe, IFC director West & Central Africa.

Moreover, the firm said it obtained in the same framework, a €32.5 million loan from Proparco, subsidiary of the French Development Agency which deals with private sector financing.

Behind South Africa, Gabon is the second largest manganese producer in the world.

Louis-Nino Kansoun