Title: African Development Bank Approves $23.04 Million Loan for Prime Meridian Docks AssetCo Ltd to Build World-Class Ship Repair Facility in Ghana
(ABIDJAN, Côte d’Ivoire, June 21, 2023) – The African Development Bank (AfDB) has announced the approval of a $23.04 million loan to Prime Meridian Docks AssetCo Ltd (PMD) to co-finance the construction of a state-of-the-art ship repair and maintenance facility in the port of Takoradi, Ghana. The loan aims to support PMD in designing, building, operating, and maintaining a world-class ship repair and maintenance facility in the Gulf of Guinea under a 25-year concession granted by the Ghana Ports and Harbors Authority.
The project, estimated to cost $137 million, will include the construction of a 200-meter jetty, dredging of 300,000 cubic meters of rock in the harbor basin, and the purchase and installation of a wharf floating with a lifting capacity of 13,500 tonnes. Additionally, the facility will feature offices, a warehouse, mechanical workshops for steel and pipe fabrication, electrical work, sandblasting and painting, and equipment maintenance.
The African Development Bank’s Board of Directors has also authorized the syndication of additional funding of up to $11 million on a “best efforts” basis. This funding will further support the development of the ship repair and maintenance facility.
Mike Salawou, Director of Infrastructure, Cities, and Urban Development at the African Development Bank, emphasized the significance of investing in the ship repair and maintenance sector, stating that it is an underserved market on the continent. He believes that this investment will enable a more holistic approach to support maritime transport and its sustainability, ultimately accelerating regional integration and attracting international trade and economic activity.
The approval of the loan by the African Development Bank highlights its commitment to promoting infrastructure development and fostering economic growth in Africa. The construction of the world-class ship repair and maintenance facility in Takoradi, Ghana, is expected to enhance the country’s maritime capabilities and contribute to the growth of the maritime industry in the Gulf of Guinea.
Source: APO
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What are the expected benefits of the construction of the ship repair and maintenance facility in Takoradi for Ghana’s maritime industry
(ABIDJAN, Côte d’Ivoire, June 21, 2023) – In a significant move to boost maritime infrastructure in Ghana, the African Development Bank (AfDB) has approved a loan of $23.04 million to Prime Meridian Docks AssetCo Ltd (PMD). The loan will co-finance the construction of a world-class ship repair and maintenance facility in the port of Takoradi. This project is aimed at supporting PMD in designing, building, operating, and maintaining the state-of-the-art facility under a 25-year concession granted by the Ghana Ports and Harbors Authority.
The total estimated cost of the project is $137 million. It encompasses the construction of a 200-meter jetty, dredging of 300,000 cubic meters of rock in the harbor basin, and the procurement and installation of a wharf floating with a lifting capacity of 13,500 tonnes. The facility will also include office spaces, a warehouse, mechanical workshops for steel and pipe fabrication, electrical work, sandblasting and painting areas, and equipment maintenance facilities.
To further support the development of the ship repair and maintenance facility, the African Development Bank’s Board of Directors has authorized the syndication of additional funding of up to $11 million on a “best efforts” basis.
Regarding this investment, Mike Salawou, Director of Infrastructure, Cities, and Urban Development at the African Development Bank, highlighted the importance of the ship repair and maintenance sector, emphasizing that it is currently an underserved market in Africa. He believes that this investment will contribute to a more comprehensive approach in supporting maritime transport and its sustainability, ultimately fostering regional integration, attracting international trade, and driving economic activity.
The approval of the loan by the African Development Bank showcases its commitment to promoting infrastructure development and stimulating economic growth across the continent. The construction of this world-class ship repair and maintenance facility in Takoradi, Ghana is expected to enhance the country’s maritime capabilities and contribute to the growth of the maritime industry in the Gulf of Guinea.
Source: APO
“The investment in the port of Takoradi by the AfDB is a significant boost for Ghana’s transport infrastructure. This will undoubtedly enhance trade and economic growth in the region, creating new opportunities for local businesses and improving connectivity with the rest of the world. A commendable step towards fostering development and prosperity.”
This investment by the AfDB in the port of Takoradi is a great example of how infrastructure development can boost economic growth in Ghana. It is a positive step towards enhancing trade and connectivity in the region. Exciting times ahead for Ghana’s maritime industry!