Nairobi — THE capacity of Mombasa, East Africa's principal port, will soon increase after an investment of €1,46 billion by the European Investment Bank (EIB) to cut time lost in traffic jams and congested ports.
The funding announced in Luxembourg on Thursday will also improve sustainable local transport.
It is a portion of €8 billion of new financing for 34 projects in Africa, Asia, European Union and Latin America.
The EIB board agreed to €1 billion support for the construction of the Oosterweel link that will complete the city's ringroad and significantly reduce traffic congestion.
The board also approved financing to expand capacity at two container facilities in Portugal, at Leixões close to Porto and Alcântara near Lisbon and Mombasa. Mombasa's port terminal currently handles about 20 million tonnes of cargo.
Support for a new tramway project in the Normandy city of Caen and next-generation rolling stock for use on Luxembourg railways was also confirmed.
Following the approval the EIB expects to finalise financing for new investment in education, energy telecommunications, transport, urban development projects and business lending programmes.
Werner Hoyer, EIB President, said in spite of the improving business confidence in Europe, significant investment gaps remained.