Standard Chartered has extended a EUR104 million ($104 million) loan for upgrading a coastal road in Côte d'Ivoire.

The funding will be used to upgrade a stretch of the road that connects the West African country’s two main port cities, Abidjan and San Pedro, for a 93 km section between the towns of Dabou and Grand Lahou.

The project includes improving the drainage and wastewater network to reduce the risk of flooding, enhance the road’s safety and reduce congestion, the bank said in a statement on Thursday. 

France's Vinci Construction, through its subsidiary Sogea-Satom, is the contractor for the project, and the financing was backed by Bpifrance Assurance Export, the French Export Credit Agency.

The financing is fully compliant with the bank's social loan principles and also contribute towards meeting the United Nations’ Sustainable Development Goals.

(Writing by Brinda Darasha; editing by Seban Scaria)