Home Media Meridian Port Services has drawn its first $100 million from the project financing package arranged by the IFC to continue the port of Tema extension works

Meridian Port Services has drawn its first $100 million from the project financing package arranged by the IFC to continue the port of Tema extension works

Ghana. 15 June 2018

Meridian Port Services (MPS), the joint venture between Bolloré Transport & Logistics, APM Terminals and the Government of Ghana through the Ghana Ports and Harbors Authority (GPHA), has drawn its first $100 million from the project financing package arranged by the IFC, a member of the World Bank Group. This funding will enable MPS to continue the future deep-water port of Tema extension works before it goes into service in June 2019.

 

This first draw, with a total amount of $667 million, was arranged by the IFC as part of a project financing package signed in June 2016. The $1.5 billion port development is to date the largest public-private partnership in Ghana's history and the largest investment on the Atlantic coast.
The extension works will help expand trade flows and strengthen the competitiveness of the port thus positioning it as a leading maritime hub in West African region. Equipped with state-of-the-art infrastructure, it will accommodate the largest container port in the world and handle 3.7 million TEUs a year.
"The construction works are progressing well and the commercial go-live on June 28, 2019, remains the target" said Mohamed Samara, Chairman and CEO of MPS.