The plan to transform the Tema Port into a world-class facility to expand trade flows and links across West Africa is on course as Meridian Port Services (MPS), implementer of the ambitious project, has secured the required initial financing.
Having signed a US$667million project financing package, mobilised by IFC from a consortium of development finance institutions and commercial banks, MPS has now drawn down the first tranche of US$100million following fulfilment of the shareholders commitment to the project financing.
The port project, valued at US$1.5billion, is a joint venture between Ghana Ports and Harbours Authority, APM Terminals and Bolloré Transport & Logistics.
The financing package for the construction of a new port in Tema represents IFC’s largest port investment and biggest infrastructure mobilization to date in sub-Saharan Africa.
It includes US$195million from the IFC’s own account and US$472million from three commercial banks – the Bank of China, the Industrial and Commercial Bank of China, and Standard Bank as well as the Dutch development bank, FMO.
Mohamed Samara, CEO OF Meridian Port Services stated: “The construction works are progressing well and the Commercial go-live on June 28th 2019 remains the target”.
MPS is executing the project within the GPHA Master Plan for development of Tema Port and building upon its success and achievements under the Concession Agreement that was granted in 2004, resulting in this latest massive expansion of Tema Port’s capacity and infrastructure.
The project will allow Tema Port to accommodate some of the world’s largest container ships and improve cargo handling services and capacity. These improvements will enhance the port’s competitiveness and position it as a leading maritime hub in the West Africa region.