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First Develop2Build project approved for DRIVE financing

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Published on: 5 September 2019 | Changed on: 13 September 2019

On Friday 23 August, the first fully developed Develop2Build project was approved for implementation by the DRIVE commission. The approved project is the ‘Água Grande Coastal Protection & Road Rehabilitation Project’, located on São Tomé and Príncipe.

After three years of development by Develop2Build, the project was ready for implementation and the DRIVE board gave permission to finance the construction starting in 2020. The total project costs €25 million, with a DRIVE contribution of €12,5 million. The project will be co-financed by the European Investment Bank.

The ‘Água Grande Coastal Protection & Road Rehabilitation Project’ consists of coastal protection and road improvements in the district of Água Grande.

The coastal protection scheme will protect 60,000 inhabitants of Água Grande district - a third of the country's population - from the effects of climate change and rising sea levels.

In order to attract more tourists to São Tomé and Príncipe and to create more recreation possibilities for the local population, the boulevard will be modernised. Additionally, a cycling path will be constructed in the city centre.

The Infrastructure team is thrilled about this milestone and looks forward to fill up the DRIVE pipeline with other great Develop2Build projects.