African Development Bank OKs $20.5M for Banjul Port expansion
The Board of Directors of the African Development Fund (ADF), the concessional window of the African Development Bank Group, last week approved grants worth $20.56 million to finance the fourth expansion of Banjul Port in The Gambia.
The funding comprises an ADF grant of $13.71 million and another $6.85 million grant from the Transition Support Facility window.
The project will also receive a $450,000 grant from the Africa Adaptation Acceleration Programme (AAAP) a joint initiative of the African Development Bank and the Global Centre on Adaptation, for technical assistance to mainstream climate resilience into the expansion.
The expansion will be financed in parallel with a private investor who will be selected competitively by the Gambian government.
The World Bank and the African Development Bank supported the Banjul Port’s previous expansions.
The fourth expansion program entails an extension of the port jetty by 345 meters to accommodate up to three ships simultaneously instead of one currently.
Also, it provides for the expansion of the container terminal area by 22,000 m2 to create space for unloading ships.
Upgrading the port will significantly reduce ship turnaround time and cut costly congestion and surcharges, enabling reductions in sea freight costs and demurrage payments.
The work is set to boost the facility’s capacity to meet growing traffic and improve efficiency in operations and management as it digitizes its procedures.