AD Ports Group signs deal with Africa Finance Corporation
Partnership to address infrastructure gaps across Africa including ports, warehouses, maritime & logistics hubs
AD Ports Group has signed a collaboration agreement with Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, to address infrastructure gaps across the continent.
The agreement provides the basis for identifying, financing, developing and investing in ports, warehouses, maritime and logistics infrastructure projects across Africa, says a release from AD Ports. "Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities."
Over the last 15 years, AFC has invested more than $10 billion in infrastructure projects across 37 countries in Africa, the release added. "AFC developed and financed the first carbon neutral industrial zone in Africa, the Nkok Special Economic Zone, which has made Gabon the largest exporter of veneer wood globally, generating $1 billion in annual export revenue and creating over 30,000 jobs."
Throughput at African ports will reach 2 billion tonnes by 2040, according to a report from the African Union, and a major challenge would be the current average dwell time – the time cargo spends at port – is around 20 days across the continent compared to the global average of four days, the release said.
"Some of the world's fastest-growing economies are in Africa, necessitating the creation of a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure," says Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group. "We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. Working with AFC, we will look to prioritise projects that can make a lasting impact on the economies and communities of their respective nations, in-line with the direction of our wise leadership to support progressive development."
Samaila Zubairu, President & Chief Executive Officer, AFC, adds: "We are pleased to sign this collaboration agreement with AD Ports Group, demonstrating the UAE's ongoing enthusiasm to invest and deploy expertise in Africa. Combining AFC's specialist expertise and outstanding investment track record with AD Ports Group's technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa's economic potential and transform lives on the continent."