Ministry of International Cooperation, AfDB sign $650,000 grant agreement

The Ministry of International Cooperation and the African Development Bank (AfDB) have signed a grant agreement worth $650,000, according to a Tuesday statement from the ministry.

The grant will finance the first phase of the required initial feasibility studies for the establishment of a cross-continent shipping line connecting the Mediterranean Sea and Lake Victoria.

The financial aid will be provided by the Korea-Africa Economic Cooperation Trust Fund, belonging to the AfDB group.

The main aim of the shipping line project is to convert the Nile River into a sustainable waterway for transport. It is anticipated that it will link Nile Basin countries, namely Egypt, Sudan, Kenya, Tanzania, Burundi, the Democratic Republic of Congo and South Sudan.

With this project in place, economic collaboration between the Nile Basin countries will be enhanced, as it will encourage trade between them with time and cost-saving transportation.