Stanley Raja Korshie Ahorlu
The Executive Committee of the Board of Directors of African Export-Import Bank (Afreximbank) in Cairo has approved senior debt funding of $50 million for Prime Meridian Docks Ghana Ltd (PMD).
The funding formed part of a $75 million 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 sq. meters of paved laydown area, a 200-meter jetty, modern workshops, offices, heavy marine equipment and a new 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 coordinator, Maria Ogbugo, the company is finalizing 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 $137 million fund to enable PMD commence construction in the fourth quarter of 2022.
She said 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 which has been on the drawing board for the past seven years.
Mr. Ahorlu views the $50 million Afreximbank facility as a, “significant breakthrough resulting from our years of belief, value creation, resilience and partnerships.”
CEO of ARM-Harith, Tariye Gbadegesin, said the company is thrilled to be part of a project which will bring significant development impact while positioning Ghana squarely to support the African Continental Free Trade Agreement.
Investment Director of ARM-Harith, Ernest Nyarko, said the fund is “a major leap forward for the project,”while Keith Nelson, CEO of Rigmar, refers to it as “our long awaited and very well-deserved achievement.”
By Jamila Akweley Okertchiri