Funding secured for $137m floating dock ship repair facility in Ghana

A consortium of development banks and pension schemes has agreed to offer US$94 million in debt funding towards a $137 million floating dock ship repair facility in Ghana.

Ships in dry dock at a facility in Africa. Image courtesy of Africa Development Bank

The project, called ‘Shiprite’ at Ghana’s western Takoradi port will house a new 13,500t lift-capacity floating drydock, 30,000 sq m of reclaimed land, a 200m jetty, a modern workshop, offices and heavy marine equipment.

Lenders including the African Development Bank, African Export-Import Bank, Eastern and Southern African Trade and Development Bank, and Petra Pension Schemes signed a deal to provide the funding to Prime Meridian Docks (PMD) Assetco Limited to build and operate the facility.

PMD is a Ghanaian ship repair company with Free Zones Service Enterprise status and a 25-year concession from the Ghana Ports and Harbours Authority.

Kanayo Awani, executive vice president, Intra-African Trade and Export Development Bank, Afreximbank, said, “The strategic location of this facility will provide shipowners whose vessels trade within the Gulf of Guinea with world-class repair and maintenance services.”

Michael Awori, chief executive of the Southern African Trade and Development Bank (TDB), said, “TDB is pleased to co-finance Project Shiprite, a ground-breaking project in West Africa which will enable considerable cost and time savings for shipowners in need of maintenance and repair solutions in proximity and in line with international standards, thereby enhancing the efficiency of their operations.”

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