The African Development Bank (AfDB) has signed a €98.3 million financing agreement with the Autonomous Port of Cotonou (PAC) to modernise and expand its infrastructure.
According to a statement made available to APA on Wednesday, the agreement, signed on February 12 by Mike Salawou, AfDB’s Director of Infrastructure and Urban Development, and Baart Van Eenoo, Director General of PAC, aims to enhance the competitiveness of the port and support the economic development of Benin.
It explained that the project is part of the PAC’s 2021-2026 Master Plan, a five-year programme focused on replacing outdated port infrastructure, increasing port capacity and improving service quality to attract additional traffic.
The funding includes: €55 million from the AfDB, €25 million from the Africa Growing Together Fund (AGTF), a special fund supported by the AfDB and the People’s Bank of China, €18.3 million from the Canada-AfDB Climate Fund (CACF), aimed at financing climate-related projects while fostering sustainable development and social inclusion.
According to the statement, this strategic project will involve the construction of a new 25-hectare offshore terminal, a 14-hectare smart buffer parking area to streamline truck traffic management, dredging the basin, widening the access channel and expanding the western breakwater of the terminal.
The project is expected to boost competitiveness, create jobs and promote social inclusion. It will strengthen the role of Cotonou Port as a key economic engine for Benin and a strategic transit point for landlocked countries such as Niger, Burkina Faso, and Mali.
Cotonou Port plays a vital role in the regional trade exchanges and this modernization project will increase the volume of goods processed and reduce waiting times for ships. The construction and operational phases will engage local Beninese companies, thereby boosting the local economy and fostering regional cooperation.
ODL/te/sf/lb/gik/APA