RPP Infra gets funding approval from international banks for Gabon project

Infrastructure major RPP Infra Projects has received an in-principle approval from international banks including Ecobank of Libreville, Gabon and BDEAC Bank, Brazaville, Congo for funding its Gabon Mass Housing Project.

Ecobank of Libreville Gabon has already sanctioned Rs170 crore for the Rs1,500-crore project, as funding for the first phase, the company said in a statement issued here.

The company is in negotiations with BDEAC and expects it to be completed within a month, it said.

In March, RPP Infra Projects has won a Euro 250-million (Rs1,500 crore) contract from the Republic of Gabon to construct 10,000 houses over a 36-month-period.

The mass housing contract was awarded by the country's ministry of housing and is on a 'design, build, finance and transfer' (DBFT) model.

RPP Infra is engaged into development of infrastructure such as highways, roadways, bridges, civil construction works, irrigation, water supply projects and power plants.