Skip to main content

Afreximbank approves US$50million for Prime Meridian Docks Ghana to build ship repair facility in Takoradi

 


The Executive Committee of the Board of Directors of African Export-Import Bank (Afreximbank) in Cairo has approved senior debt funding of US$50million for Prime Meridian Docks Ghana Limited (PMD).

This is to form part of a US$75million syndicated project-finance facility for the company’s maritime infrastructure project.

The funding is to support PMD to build and operate a world-class ship repair and maintenance facility in the port of Takoradi under a 25-year concession granted the company by the Ghana Ports and Harbours Authority (GPHA).

The project when completed will comprise some 30,000 square meters of paved laydown area, a 200-meter jetty, modern workshops, offices, heavy marine equipment and a newbuild 13,500t lift-capacity handy-max size floating drydock.

The ship repair facility when fully operational will create over 500 new jobs and positively impact the local and regional maritime economies.

According to the project co-ordinator, Maria Ogbugo, the company is finalising its engagements with other lenders including African Development Bank (AFDB) and UMB Bank, as well as its equity partners, ARM-Harith Infrastructure Fund and Stratcon Capital to conclude the US$137million fund raise and to commence construction in Q4 2022.

The civil and marine components of the infrastructure are to be constructed by China Harbour Engineering Company (CHEC) and Keppel Nantong respectively.

PMD is a Ghanaian company founded and headed by Stanley Raja Korshie Ahorlu, sponsor of the project.

While developing the project over the past seven years, the company has benefited from the support of an impressive list of international blue chip partners, clients and advisers such as Rigmar Services UK, LiquidAfrica, Trinity International LLP, N. Dowuona & Company, Watson Farley & Williams, Mott Macdonald, Royal Haskoning DHV, EY, KPMG, Sellhorn Ingenieurgesellschaft mbH, SAL Consult, Maersk Drilling (now Noble Drilling), Valaris PLC, Swire Pacific (now Tidewater), Manteniship, DOF Subsea, and Banchero Costa.

The Founder/Director of Prime Meridian Docks Ghana Limited, Mr. Stanley Ahorlu views the US$50million Afreximbank facility as a “significant breakthrough resulting from our years of belief, value creation, resilience and partnerships.”

The CEO of ARM-Harith, Tariye Gbadegesin said ARM-Harith was thrilled to be part of a project which will contribute significant development impact while positioning Ghana squarely to support the African Continental Free Trade Agreement.

The Investment Director of ARM-Harith, Ernest Nyarko on his part has called it “a major leap forward for the project,” while the CEO of Rigmar, Keith Nelson has referred to it as “our long awaited and very well-deserved achievement.”

Comments

Popular posts from this blog

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican