01/01/0001
Funding for Tema Project
The International Finance Corporation (IFC), part of the Washington, D.C.-based World Bank Group, and the largest global development institution focused exclusively on the private sector in developing countries, has announced a $667 million financing package for the planned new 3.5 million TEU annual throughput capacity deep-water container terminal at Tema Port, in Ghana. The new facility, which will serve as a new shipping and logistics hub for West Africa and inland locations, will be operated as a joint venture by the Ghana Ports and Harbours Authority (GPHA), APM Terminals, and French-based Bolloré Transport & Logistics.
The financing package represents the IFC’s largest port investment and biggest infrastructure mobilization in Sub-Saharan Africa. Funding will include $195 million from the IFC, and $472 million to be provided by three commercial banks, the Bank of China, the Industrial and Commercial Bank of China, and South African-based Standard Bank, along with Dutch-based development bank FMO.
Tema, Ghana’s largest port, handled 782,502 TEUs in 2015, out of Ghana’s total traffic of 895,000. In November 2014, APM Terminals signed a Memorandum of Understanding with the Government of Ghana for the expansion of Tema Port, representing a private investment in excess of $1 billion. The agreement was finalized in May 2015. The expansion plans include the development of four deep-water berths and an access channel able to accommodate the world’s largest container ships. The project will provide over 3 million TEUs in annual throughput capacity, along with facilities for non-containerized cargo. Container throughput at the existing Meridian Port Services (MPS) joint venture between APM Terminals, GPHA and Bolloré, at Tema Port was 646,000 TEUs in 2015. APM Terminals is the largest port and terminal operating company in Africa by equity throughput, with 5.27 million TEUs handled in 2015. The APM Terminals Global Terminal Network operates ten facilities in eight countries in West Africa.
The IFC has established a leading position promoting private sector investment in Africa. Over nearly six decades, the IFC has invested more than $25 billion in African businesses and financial institutions, with a current portfolio exceeding $5 billion. The IFC raises funds for lending activities through the issuance of debt obligations (bonds) in international capital markets, maintaining an AAA credit rating.
www.ifc.org
The financing package represents the IFC’s largest port investment and biggest infrastructure mobilization in Sub-Saharan Africa. Funding will include $195 million from the IFC, and $472 million to be provided by three commercial banks, the Bank of China, the Industrial and Commercial Bank of China, and South African-based Standard Bank, along with Dutch-based development bank FMO.
Tema, Ghana’s largest port, handled 782,502 TEUs in 2015, out of Ghana’s total traffic of 895,000. In November 2014, APM Terminals signed a Memorandum of Understanding with the Government of Ghana for the expansion of Tema Port, representing a private investment in excess of $1 billion. The agreement was finalized in May 2015. The expansion plans include the development of four deep-water berths and an access channel able to accommodate the world’s largest container ships. The project will provide over 3 million TEUs in annual throughput capacity, along with facilities for non-containerized cargo. Container throughput at the existing Meridian Port Services (MPS) joint venture between APM Terminals, GPHA and Bolloré, at Tema Port was 646,000 TEUs in 2015. APM Terminals is the largest port and terminal operating company in Africa by equity throughput, with 5.27 million TEUs handled in 2015. The APM Terminals Global Terminal Network operates ten facilities in eight countries in West Africa.
The IFC has established a leading position promoting private sector investment in Africa. Over nearly six decades, the IFC has invested more than $25 billion in African businesses and financial institutions, with a current portfolio exceeding $5 billion. The IFC raises funds for lending activities through the issuance of debt obligations (bonds) in international capital markets, maintaining an AAA credit rating.
www.ifc.org