AfDB Provides Financing For Floating Dock In Ghana
Prime Meridian Docks AssetCo was awarded a 25-year concession to develop the facility.
The African Development Bank (AfDB) has approved a US$23 million loan to support the construction of a floating dock ship repair facility in Ghana’s western Takoradi port.
The loan has been provided to Prime Meridian Docks AssetCo (PMD), a special purpose entity which was awarded a 25-year concession by Ghana Ports and Harbours Authority to design, build, operate and maintain the floating dock in the Gulf of Guinea.
The project, estimated to cost US$137 million, involves the construction of a 200m jetty, dredging 300,000 cubic metres of rock in the port basin, and procuring and installing a 13,500-tonne lift capacity floating dock.
The facility will also have offices, a warehouse, mechanical workshops for steel and pipe fabrication, electrical works, blasting and painting, and equipment maintenance.
The AfDB board has also authorised the syndication of additional financing of up to US$11 million.
“Vessel repair and maintenance is an underserved market on the continent,” said Mike Salawou, director for infrastructure, cities and urban development, AfDB. “Investing in it will provide a more holistic approach to supporting maritime transport and its sustainability, which will accelerate regional integration and attract international trade and economic activity.”
PMD is a Ghanaian company founded and headed by Stanley Raja Korshie Ahorlu.
The project is expected to create more than 400 permanent jobs.
The shipyard facility is due to be operational in the fourth quarter of 2024. It will repair ships and rigs.
Photo: Welder at a floating dock (© Saklay Tawan | Dreamstime)