Categories: News

7 June, 2024 – A consortium comprising of African Export-Import Bank (Afreximbank), the African Development Bank (AfDB), the Eastern and Southern African Trade and Development Bank (TDB), and Petra Pension Schemes jointly executed a Facility Agreement to extend senior debt funding of USD 94 million to PMD Assetco Limited (PMD) for the building and operation of a floating dock ship repair facility in the port of Takoradi, Ghana.

With the achievement of this milestone, the project nicknamed “Project Shiprite” has secured the full commitment of all the providers of the USD137 million in capital that is required.

When completed, the project will comprise of a newbuild 13,500 tonne lift-capacity floating drydock, 30,000 sq. meters of reclaimed land, a 200-meter jetty, modern workshop, offices, and heavy marine equipment.

Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank stated: “The strategic location of this facility will provide shipowners whose vessels trade within the Gulf of Guinea with world-class repair and maintenance services. As the Mandated Lead Arranger, we are confident that Shiprite will enhance intra-African trade and foster regional economic growth and integration. By providing services that would have otherwise been lost to foreign shipyard repair facilities, the interventions of Prime Meridian Docks will retain much needed foreign currency on the continent.”

Mike Salawou, Director for Infrastructure, Cities and Urban Development of the AfDB said: “with 500 new jobs expected to be created, of which more than 15% will be reserved for youth and women, the socio-economic impact of Project Shiprite is an attractive proposition for the Bank.”

Commenting on the milestone, the Michael Awori, Chief Executive of TDB noted that: “our bank is pleased to support Project Shiprite because it fits into the bank’s objective of investing in transport and logistics projects which help to generate forex for the economy while improving infrastructure.”

Chris Hammond, the Chairman of the Board of Petra Advantage and Petra Opportunity Schemes said: “the participation by Petra in Project Shiprite is a pioneering move by these pension funds into the alternative investment asset class”.

Mr. Stanley Raja Korshie Ahorlu, the project’s Lead Sponsor stated that “PMD Assetco is poised to commence the construction of both the civil works and the floating dock and looks forward to entering the market timeously in order to support shipowners in the region as international shipping works towards reducing greenhouse gas emissions.”

Mr. Fraser Moore, CEO of Rigmar, described the execution of the Facility Agreement as, “our long awaited and very well-deserved achievement.” 

PMD is a Ghanaian-incorporated ship repair company with Free Zones Service Enterprise status and a 25-year concession from the Ghana Ports and Harbours Authority. While developing the project over the past few years, the company has benefited from the support of an impressive list of international partners and advisers such as ARM Harith Infrastructure Fund, Stratcon Capital, Rigmar Services UK, Manteniship, LiquidAfrica, DLA Piper, Trinity International LLP, N. Dowuona & Company, Willis Towers Watson, Mott Macdonald, Royal Haskoning DHV, EY, KPMG, Sellhorn Ingenieurgesellschaft mbH, SAL Consult, WorldRecruit Services Limited, Pharus Maritime, and Banchero Costa.