Consortium signs $137m agreement to build floating dock in Takoradi
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Consortium signs $137m agreement to build floating dock in Takoradi

A consortium of development banks and Petra Pension Schemes has agreed to finance “Project Shiprite,” a floating drydock that will be built at the port of Takoradi in the Western Region.

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The $137 million dock will have a 13,500-tonne lift capacity, a 200-meter jetty, workshops, offices, and heavy marine equipment.

Approximately $94 million was raised by the African Export-Import Bank (Afreximbank), African Development Bank (AfDB), the Eastern and Southern African Trade and Development Bank, and the Petra Pension Schemes.

Work will be carried out by PMD Assetco, a Ghanaian ship repair company employed under a concession contract by the Ghana Ports and Harbours Authority.

"With the achievement of this milestone, the project nicknamed 'Project Shiprite' has secured the full commitment of all the providers of the USD137 million in capital that is required," an Afreximbank statement said.

The AfDB’s Director for Infrastructure, Cities, and Urban Development, Mike Salawou, said over 500 new jobs are 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."

The project’s lead sponsor, Mr. Stanley Raja Korshie Ahorlu, said: “PMD Assetco is poised to commence the construction of both the civil works and the floating dock and looks forward to entering the market to support shipowners in the region as international shipping works towards reducing greenhouse gas emissions.”

The Executive Vice President of Intra-African Trade and Export Development at Afreximbank, Kanayo Awani, said the strategic location of the 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 on the continent,” he said.

The Chairman of the Board of Petra Advantage and Petra Opportunity Schemes, Chris Hammond, said, "The participation by Petra in Project Shiprite is a pioneering move by these pension funds into the alternative investment asset class."

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