$1.5 billion mobilized for Tema Port expansion project

$1.5 billion mobilized for Tema Port expansion project

Sept 06, 2016: Meridian Port Services (MPS) says an amount of USD 1.5 billion has been secured by it for the expansion of Ghana’s Tema Port project. The project is likely to boost trade flows and links across West Africa.

MPS Limited is a joint venture between the Ghana Ports and Harbours Authority and Meridian Port Holdings Limited, with Bolloré Transport & Logistics and APM Terminals as the two main shareholders.

MPS is executing the project within the GPHA Master Plan for the development of Tema Port.

It has made great achievements under the Concession Agreement which was granted in 2004.

With the completion of the project, Tema Port will be able to accommodate some of the world’s largest container ships, and improve cargo handling services and capacity thus enhancing the Port’s competitiveness, and position it as a leading maritime hub in the , and position it as a leading maritime hub in the West African region.

The package includes $195 million from the IFC’s own account and $472 million 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. The financing package for the construction of a new Port in Tema is IFC’s largest port investment and biggest infrastructure mobilization to date in Sub-Saharan Africa.

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