AfDB OKs Funding for Greenfield Port

The Board of Directors of the African Development Bank Group (AfDB) approved a combined US $256 million for the financing of investments in Nigeria and Ethiopia as well as a multinational projects preparation facility.

The approvals comprise a US $150-million senior loan to Lekki Port LFTZ Enterprise for the construction of a Greenfield seaport in the Lagos Free Trade Zone, 60 km east of Lagos.

The project follows a 45-year concession granted to Lekki Port LFTZ Enterprise (LPLE), the Special Purpose Vehicle, by the Nigerian Ports Authority (NPA) under a build, own, operate and transfer scheme.

It involves construction of port infrastructure such as breakwaters, quays, approach channels and dredging of the basin.

On completion,  the port will be able to handle 2.5 million 20-foot equivalent units (TEUs), 16.7 million tonnes (MT) of liquid cargo and 4.5 MT of dry bulk per year.

Construction is expected to start in January 2015 with the container terminal operations expected to start in December 2018.

The project, estimated at $1.675 billion, will be financed through a 54/46 debt to equity ratio.

Press Release, September 11, 2014

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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