(Ecofin Agency) – This bulk carrier terminal project at the port of Douala has been formalized since 2022, but the successful bidder, the English group KTH, had not yet managed to mobilize the financial guarantees necessary for its start-up.
Africa Port Development, the project company created by the English Kharam Trading Holding group as part of the extension of the Port of Douala-Bonabéri, signed a loan agreement of 142 million euros (93 billion FCFA) with Afreximbank to build mixed bulk carrier terminals on 42 hectares as well as a 900 meter quay on the right bank of the Wouri.
The convention was initialed in the Bahamas, on the sidelines of the 31th Annual Meetings of the African Export-Import Bank, informs Cameroon Tribune. APD will add 60 million euros (around 39.3 billion FCFA) for phase 1 of the project awarded since 2022 to KTH.
“ This financial closure was necessary for the start of the project. Now that the money is available, the partner will need to update their execution timeline to submit it, and we hope this will not take long. Certainly, before the end of the year, we will have the first excavators on the site » declared toInvest in Cameroonthe head of the analysis and cooperation division at the port of Douala, Joseph Nguene Nteppe.
He explains that this project is necessary to relieve congestion in the PAD and simplify the task for companies operating in the Bonabéri industrial zone. “Port developments are today concentrated on the left bank, Bonanjo side, and all industries located in Bonabéri must cross the bridge to operate, then cross again to supply their industries. It is therefore a question of providing logistical solutions to the industrial zone of Bonabéri through these investments“.
The project is planned to last 5 years, and KTH will operate the terminal for 25 years before handing it over to the PAD. Enough to strengthen the activities of the platform manager whose net profit for the year 2023 fell by 11%, going from 16 billion in 2022 to 14.4 billion FCFA. The turnover increased from 131.5 billion to 119.6 billion FCFA, or -9.9%, even if the overall financial balance sheet for 2023 is up 9% (410.9 billion to 453.8 billion FCFA in 2023).
These declines can be explained by the repercussions of the Israel-Palestine war on the Gulf of Aden and other geopolitical conflicts in the world which have weighed down international trade. The latest figures from UNCTAD (United Nations Conference on Trade and Development) show a drop in value of around USD 2,000 billion in global merchandise flows in 2023.
