Africa Finance Corporation (AFC), an infrastructure solutions provider in Africa, has sold its 35% stake in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of the Takoradi Port in Ghana, to the operator global port Yilport Holding.
In 2019, AFC committed to invest up to US$138 million in equity and debt for the Takoradi Port Expansion Project. The project, which is nearing the operational phase, reduces the cost of imports and exports to and from Ghana’s Western and Central Regions and neighboring landlocked countries by upgrading a container and multi-purpose terminal under a 25-year concession years for its design, engineering, financing and construction.
Through this transaction, AFC withdraws its participation, while Ibistek and Ghana Ports & Harbors Authority remain shareholders in the project. The AFC will continue to be the lender for the project.
Takoradi provides shorter and less congested transport links to western and central Ghana, including the Takoradi region, known for significant agricultural activities, manufacturing, industrial zones, business parks and a resources sector growing natural areas, while the port is also well placed to provide connections. to neighboring landlocked countries.
This project is part of Ghana’s national development plan aimed at revitalizing and industrializing the Western region and improving overall efficiency and competitiveness by reducing import and export costs, building local capacity and creating direct employment opportunities.
Samaila Zubairu, Chief Executive Officer of Africa Finance Corporation, said: “This release marks an important milestone for the impact of the AFC on the continent and we are proud of our central role in the implementation and reduction of the risks of the expansion of the port of Takoradi.
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