EIB Global, a branch of the European Investment Bank (EIB) on Friday, partnered with the Lagos State Government to invest €170 million to develop sustainable and efficient waterways transport in the state.
The signing ceremony followed by a site visit was held at the Lagos State Waterways Authority (LASWA) headquarters, in the presence of Ambroise Fayolle, EIB Vice-President; Gautier Mignot, EU Ambassador, and Laurent Favier, Consul General of France in Lagos.
This is the first collaboration between LASWA and EIB, the largest funder of the Omi Eko Project. The EIB long-term loan is supported by EU guaranteed under the Global Gateway Initiative of which the EIB is a key partner in Africa.
The project is co-financed with the AFD and the European Commission with respectively €130 million of sovereign loan and €60 million of Investment grant.
Through this operation, the EU Bank will finance the implementation of a waterborne urban public transport network in Lagos through the construction of new ferry piers, the acquisition of electrically operated small-scale ferries for passenger transport and the development of new maintenance facilities for the fleet.
The operation also includes the supply of fully electric vessels and the construction of passenger stations and jetties.
In concrete terms, this innovative urban mobility project will implement 15 structured ferry routes along 140 kilometres, linking 25 upgraded and expanded ferry terminals across the city, and 75 state-of-the-art electric vessels—each capable of carrying up to 440 passengers.
These vessels will significantly cut greenhouse gas emissions while reducing water pollution.
Mr Oluwaseun Osiyemi, the Commissioner for Transportation, Lagos State, said that the EIB’s commitment to the Omi Eko Project is highly commendable. Likewise, the Lagos State Government is fully committed to providing the enabling environment required for the success of this partnership.
