Dubai — The African Development Bank (AfDB) Private Sector Operations Director, Mr. Tim Turner and Mr. Manuel V. Pascua, Senior Manager of Business Development Department, DP World Dakar (DPWD), signed today 31 March 2010 a loan agreement for a senior loan of EUR 47.5 million to Dakar Container Terminal, Senegal.
The Port of Dakar is the busiest port in West Africa, handling 90% of the total value of Senegal's foreign trade. Its geographical location positions are at the crossroads between Europe, North America, South America, and Sub-Saharan Africa.
The signed Project consists of upgrading the equipment, operation, management, and maintenance of the existing container terminal in the Northern Zone of the Port of Dakar: upgrading of the pavement of the stacking areas and improvement of other infrastructure such as rail installations, electricity, road and buildings in the port.
Speaking at the ceremony on behalf of the AfDB, Mr. Tim Turner underscored the importance of this loan and stated that: "We see a bright future for Dakar as a major trading center, serving the surrounding region as well as Senegal's own development needs. We look forward to a long and mutually beneficial relationship with DP World and we welcome them as partner to create a modern Senegal nation, connected with the rest of the region and the world through trade and other business links".
Port infrastructure is among the basic facilities that allow a country to unlock its potential and gain access into the global supply chain. The proposed upgrades of the Dakar port will result in an improved efficiency which should lower the delivered cost of both imported and exported goods and stimulate new export activities, thereby benefiting shippers, shipping lines, consumers and the Government.
The project will also support knowledge transfer, build local capacity, and create jobs for the Senegalese people and make a positive contribution to the economy and to the community.
The project is well aligned with Senegal's development strategy, and with the Bank's support to public-private partnerships (PPPs) which helps relieve pressure on stretched public finances; furthermore it helps to ensure that projects are managed according to highest standards of good governance and environmental sustainability. Therefore, the project is in line with the Private Sector Operations priorities, which encourages development of infrastructure, and regional integration through PPPs.
Contacts
Onike Nicol-Houra
