Cote d'Ivoire has signed a $1.5 billion deal with a unit of Bouygues SA for an urban railway to be built in the country's largest city, Abidjan.

Named Metro d'Abidjan, the railway is expected to ease traffic congestion in the city whose population goes beyond 4 million people.

The project is funded by France as part of a package of mainly concessional loans.

While the construction works begun in 2017, no formal accord had been signed until now.

Cote d'Ivoire President Alassane Ouattara said in 2018 that a high-level committee with finance ministers from both countries would be formed to remove obstacles to the disbursement of funds.

The train will be expected to carry 530,000 passengers daily, according to a statement from the office of the Cote d’Ivoire Prime Minister.

According to World Bank statistics, travelling costs in Abidjan are the third-biggest expense for commuters.

Source: Bloomberg