July 16, 2024
MARITIME: AFC sells stake in Takoradi Port Project
MARITIME: AFC sells stake in Takoradi Port Project
MARITIME: AFC sells stake in Takoradi Port Project
– By Ayomide Oginni

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MARITIME: AFC sells stake in Takoradi Port Project

 

By Our Correspondent

The Africa Finance Corporation (AFC) has sold its 35% equity share in Atlantic Terminal Services Ltd. (ATSL) to the port operator Yilport Holding, according to FleetMon.

It stated: “In 2019, AFC, an African development finance institution, committed to investing up to $138 million in equity and debt for the TAKORADI PORT Expansion project. The project, awarded to Yilport under a 25-year concession, entrusts them with responsibilities involving design, engineering, finance, and reconstruction of the terminal.

“While AFC has exited its equity position, it will continue to provide financial support to the project. Additionally, other stakeholders such as Ibistek and Ghana Ports & Harbours Authority remain actively involved.

“The primary objective of the Takoradi project is to modernize the port, streamlining the import and export processes in Ghana’s western and central regions. The project when complete, will lead to increased efficiency, benefiting not only Ghana but also its neighboring landlocked countries.

“TAKORADI PORT provides faster and less congested trade routes to the western and central regions of Ghana, making it a central and strategic hub for the neighboring landlocked nations. The Takoradi region also boasts numerous industrial areas, business parks, and a growing natural resources sector. Additionally, it also supports substantial agriculture, including being the source of 50% of Ghana’s cocoa production.

“Yilport Holding’s new acquisition signifies its entry into the African market. They plan to transform the port and its surrounding areas into a thriving trade and logistics center, thereby attracting significant traffic.

“AFC’s recent completion of two new ports, Terminal à Conteneurs De Nouakchott and the San Pedro Multipurpose Industrial Terminal in Côte d’Ivoire within the past year, underscores their unwavering commitment to infrastructure development in the region.”

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