A consortium comprising the Development Bank and Petra Pension Plan has agreed to finance the Shiprite Project, a dry dock to be built at Takoradi Port in the Western Region.
The 137 million dollar terminal will have a carrying capacity of 13,500 tons, a 200 m long pier, training, office, and heavy marine equipment.
The project nicknamed ‘Project Shiprite’ has received full commitments of 137 million US dollars from all suppliers.
The Chairman of the Board of Petra Advantage and Petra Opportunity Schemes, Chris Hammond, said, “The participation by Petra in Project Shiprite is a pioneering move by these pension funds into the alternative investment asset class.”
The African Export-Import Bank (Afreximbank), the African Development Bank (AfDB), the Trade and Development Bank of Eastern and Southern Africa, and the Petra Pension Scheme have raised approximately $94 million.
The work will be carried out by PMD Assetco, a Ghanaian ship repair company affiliated with the Ghana Ports and Authority.
More than 500 new jobs will be created, says Mike Salawoo, Director of Infrastructure, Cities and Rural Development at the African Development Bank. “With over 15% of funds allocated to youth and women, Shiprite’s business impact is a good idea for banks.”
PMD Assetco is ready to commence civil works and construction of floating docks and looks forward to entering the market to provide international support to shipowners in the region who are committed to reducing carbon emissions
Afrexim Bank Intra-Africa Trade and Export Development Executive. Vice President Kanayo Awani said the location of the facility will provide international repair and maintenance services to ship owners doing business in the Gulf of Guinea, providing services that foreign shipyards cannot provide. Chris Hammond, Executive Chairman of the
