Ghana’s new ship repair dock project gets $94 million boost from AfDB
A consortium, including the African Development Bank, has signed an agreement to provide $94 million in senior debt funding to PMD Assetco Limited (PMD) for constructing and operating a floating dock ship repair facility in Ghana’s western Takoradi port.
With this milestone, the project, nicknamed “Shiprite,” has secured the total commitment of all providers for the required $137 million in capital, according to a statement by AfDB.
Once completed, the facility will feature a 13,500-ton lift-capacity floating drydock, 30,000 square meters of reclaimed land, a 200-meter jetty, a modern workshop, offices, and heavy marine equipment.
Speaking about the development, Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank stressed that the project has strategic significance.
“The strategic location of this facility will provide shipowners whose vessels trade within the Gulf of Guinea with world-class repair and maintenance services. As the Mandated Lead Arranger, we are confident that Shiprite will enhance intra-African trade and foster regional economic growth and integration,”
“By providing services that would have otherwise been lost to foreign shipyard repair facilities, the interventions of Prime Meridian Docks will retain much-needed foreign currency within the continent,” he said.
Mike Salawou, Director for Infrastructure, Cities, and Urban Development at the African Development Bank, also noted that “With over 400 new jobs expected to be created, of which more than 15% will be reserved for youth and women, the socio-economic impact of Project Shiprite is a compelling proposition for the Bank,” he added.
Other consortium members include the African Export-Import Bank (Afreximbank), the Eastern and Southern African Trade and Development Bank (TDB), and Petra Pension Schemes
PMD is a Ghanaian ship repair company with Free Zones Service Enterprise status and a 25-year concession from the Ghana Ports and Harbours Authority. Over the past years, the company has benefited from the support of international partners and advisers.
