Accra, Ghana, Aug. 31, 2016—IFC, a member
of the World Bank Group, has signed a $667 million financing package to
increase the container capacity of Ghana’s main seaport, a deal that is
expected to trigger increased trade flows and improved transport links
across West Africa.
The financing package for the construction of a new container terminal
in the Port of Tema, located 30 kilometers east of Accra, represents IFC’s
largest port investment and biggest infrastructure mobilization to date
in Sub-Saharan Africa. It includes $195 million from IFC’s own account
and $472 million from three commercial banks – Bank of China, Industrial
and Commercial Bank of China, and Standard Bank – as well as the Dutch
development bank FMO.
“This investment will have significant ripple
effects on trade, economic growth, and job creation, and is an example
of how private sector engagement can open doors for transformative improvements
in transport infrastructure,” said Philippe Le Houerou, IFC’s Chief Executive
Officer and Executive Vice President.
According to a study by QBIS Consulting,
the new port at Tema will improve cargo handling services and facilitate
an increase of imports and exports moving through Ghana. QBIS estimates
this boost in trade will increase the revenues of Ghana’s import and export
companies, which will lead to as much as a $1.1 billion rise in Global
Value Added to the Ghanaian economy and as many as 450,000 new jobs.
The Tema terminal operation is a joint venture
between Ghana Ports and Harbours Authority, APM Terminals of The Netherlands
and Bolloré Transport & Logistics (of France).
The Port of Tema handles over 90 percent
of Ghana’s container traffic. The existing container terminal is reaching
capacity and lacks the necessary infrastructure to accommodate deep-water
cargo ships. The new container terminal includes an up to 1,000 meter quay,
a yard for containers, a new breakwater, and new access channel with a
deep draft to accommodate some of the world’s biggest container ships.
IFC has financed more than 60 port projects
around the world and anticipates further investments in Africa’s port
sector in the coming years. In 2013, IFC financed the construction and
expansion of the Lomé Container Terminal in Togo, which now serves as a
trans-shipment hub for West Africa and a gateway to landlocked countries
in the region.
IFC, a member of the World Bank Group, is
the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org