African Export-Import Bank (Afreximbank) has signed an indicative term sheet with APD-Cameroon for the financing of the development and operation of a new port terminal in Douala, Cameroon, estimated to cost EUR210 million.
According to the term sheet, the proposed facility will be in two tranches in Euro and Central African Francs (XAF) of up to EUR147 million, with a proposed Afreximbank participation of EUR80 million.
The new terminal will be an extension of the existing Port of Douala and will consist of two berths to be numbered 53 and 54.
Addressing guests at the signing ceremony, which took place as part of the ongoing Afreximbank Annual Meetings (AAM2024), Helen Brume, Director of Project and Asset Based Finance at Afreximbank, said that the facility would help to address the “significant infrastructure financing gap” which remained on the African continent.
“By signing this term sheet, we are committed to helping our countries bridge this gap. We applaud the initiative of APD-Cameroon, which through its commitment to this project, is helping to promote an innovative financing mechanism through a public-private partnership, thereby, reducing the financial burden of these strategic investments on the Government of Cameroon,” said Mrs. Brume.
She noted that the Port of Douala was a key regional trade gateway for Central African countries which played a strategic role in regional integration by serving as a natural port for landlocked countries like Chad and the Central African Republic.
Marc Tabhcy, Founder and Chairman of APD Cameroon who signed on behalf of his organisation noted: “We are honoured to be part of the expansion and specialization of the Port of Douala by building additional berths that will be dedicated to dry bulk. The committed resources will allow to develop this critical infrastructure, significantly contributing to the growth of the economy, creating employment opportunities and encouraging inter-African trade.”
The new specialised terminal is expected to help strengthen Cameroon’s position as a leading economic power in the central Africa region. AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), ended on 15 June.
