China grants Gabon over US$133 mln in loan for road project

China has offered Gabon a preferential loan of 64.8 billion CFA Franc (over 133 million US dollars) for the construction of a 93-km road in the enclosed region of Port Gentil, Gabon's commercial capital.

The agreement for the disbursement of the loan was signed on Monday in the capital Libreville by Gabon's Economy Minister Luc Oyoubi and the Chinese ambassador to Gabon, Sun Jiwen.

Most of the money will be used to build the road linking Port Gentil to Omboue, while the rest will be spent on the construction of a bridge on River Ogooue.

Gabon will repay the loan in 20 years with a grace period of seven years at an interest rate of 2 percent.

Port Gentil is one of the most enclosed Gabonese towns. Currently, aircraft and boats are the only means of transport to this oil producing town.