US $40 million Word Bank loan for infrastructure

The World Bank will this August disburse US $40 million to the Republic of Congo for the rehabilitation of infrastructure and the raising of living standards, in an effort to re-launch the oil-rich nation onto the path of economic development after years of internal strife. The Bank's resident representative, Alassane Diawara, told IRIN on Wednesday that the project comprised several components, including the repair of roads, bridges and schools; rehabilitation of the railway; job creation; and the fight against HIV/AIDS. Others are the transport of agricultural products and the heavy reliance on local manpower. This loan is in addition the $5 million made available to reintegrate combatants of the civil war back into civilian life, and an emergency loan of $37.5 million for 2001-2002. Diawara said the ROC had regained its credit rating with the Bank and IMF after having "conformed strictly" with conditions laid down by the Bank to reduce the country's debt to international financial institutions.