September 19, 2011 / 5:18 AM / in 9 years

Senegal secures $560 mln financing for new airport

Stacks of U.S. 100 dollar notes are pictured at the headquarters of the Korea Exchange Bank in Seoul August 2, 2011. REUTERS/Jo Yong-Hak

DAKAR (Reuters) - Senegal has secured 406 million euros in long-term financing from several banks for the construction of a new airport, the government said on Sunday.

“A group of several banks has agreed to financing amounting to 406 million euros for the AIBD.SA (Aeroport Internationale Blaise Diagne),” according to a press release from the Ministry of International Cooperation.

Senegal is seeking to replace its existing airport just outside Dakar with a new one about 40 km (24 miles) outside the city, in part to ease traffic in the capital but also to boost capacity in an effort to become a regional hub.

The financing will come from the African Development Bank, the French Development Agency, the West African Development Bank, and other banks from South Africa, Canada and Saudi Arabia, according to the release.

The terms were not disclosed, and the release did not say when the project is expected to be completed.

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