The African Export-Import Bank (Afreximbank) has arranged a €200mn syndicated bridge financing facility to help expand the Abidjan port in Côte d’Ivoire.
Afreximbank and Société Générale Cote d’Ivoire will each provide €50mn while Banque Atlantique, the West African conglomerate, will provide the remaining €100mn to state-owned Port Autonome d’Abidjan (PAA), the company in charge of the project. Banque Atlantique will act as the local arranging bank for the transaction.
In a statement, Afreximbank says the financing will be used for PAA’s advance payments and related costs for the expansion of the port, including the enlargement and deepening of the Vridi canal and the construction of a second container terminal and a roll-on/roll-off terminal.
Commenting upon signing the agreement, Afreximbank president, Jean-Louis Ekra, says: “Afreximbank is happy to be part of this effort by PAA to adapt the infrastructure at the Abidjan port to the new demands of global trade.
“By increasing the port’s handling capacity for containers, this project should enhance the position of the Abidjan port as the gateway that connects the nearby hinterland West Africa countries to international markets.”