The African Development Bank (AfDB) has signed off on a $23.04 million loan for maritime venture, Prime Meridian Docks (PMD), to jointly fund the construction of a floating dock ship repair facility at the western Takoradi port in Ghana.
This financial support will enable PMD to undertake the planning, construction, operation, and maintenance of a ship repair and maintenance facility in the Gulf of Guinea.
The company has been granted a 25-year concession by the Ghana Ports and Harbours Authority.
The estimated cost of the project is $137m, encompassing various components such as the construction of a 200-meter jetty, the dredging of 300 000 cubic meters of rock in the port basin, and the acquisition and installation of a floating dock with a lifting capacity of 13 500 tonnes.
The facility will also house offices, a warehouse, mechanical workshops for steel and pipe fabrication, electrical works, blasting and painting facilities, and equipment maintenance services.
Furthermore, the bank has approved the syndication, based on a best-efforts approach, of additional financing of up to $11m.
Mike Salawou, the director for Infrastructure, Cities, and Urban Development at the AfDB, said: "The market for vessel repair and maintenance remains underdeveloped in Africa.
“Investing in this sector will contribute to a more comprehensive approach to supporting maritime transport and ensuring its sustainability. This, in turn, will accelerate regional integration and foster international trade and economic activity." SOURCE: Splash 247.
