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Overview

Africa Growing Together Fund provides EUR 25 million loan for Autonomous Port of Cotonou Expansion and Upgrading Project (Linked to Umbrella Record ID#36104)

Commitments (Constant USD, 2023)$27,031,716
Commitment Year•2023Country of Activity•BeninDirect Recipient Country of Incorporation•Multiple JurisdictionsSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 14, 2023
First repayment (originally scheduled)
Jul 12, 2028
Last repayment (originally scheduled)
Jul 10, 2038

Geospatial footprint

Map overview

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The purpose of the project is the construction of a new container terminal at the Autonomous Port of Cotonou and the expansion of the port area to 20 hectares for bulk and miscellaneous cargo. The project also involves the creation of a central access point with automated gantries, a 14-hectare parking area for heavy-duty vehicles equipped with an integrated, digitized management system linked to the port’s database, and an integrated center for faster foreign trade and freight processing. More detailed locational information can be found at https://www.openstreetmap.org/relation/11268351

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • African Development Bank (AfDB) (ADB) (BAD)

Receiving agencies

Government Agencies

  • Government of Benin

Intergovernmental Organizations

  • Africa Growing Together Fund (AGTF)

Loan desecription

Africa Growing Together Fund provides EUR 25 million loan for Autonomous Port of Cotonou Expansion and Upgrading Project

Grace period•5 yearsInterest type•UnknownMaturity•15 years

Narrative

Full Description

Project narrative

On May 22, 2014, the African Development Bank (AfDB) and the People's Bank of China (PBOC) signed an agreement for the Africa Growing Together Fund (AGTF) (see Umbrella Record ID#36104). The purpose of this $2 billion loan facility was to finance large development projects in Africa between 2014 and 2024. The AGTF is sponsored by the PBOC and administered by the AfDB. On July 14 2023, AfDB’s Board of Director approved an EUR 25 million loan from AGTF to the Port Autonome de Cotonou (PAC) for the Autonomous Port of Cotonou Expansion and Upgrading Project. On the same day, the African Development Bank (AfDB) approved an EUR 55 million loan to the PAC for the same project. The borrowing terms of these loans are follows: a 15-year maturity, a 15-year grace period, and an unknown interest rate. The purpose of the project is the construction of a new container terminal at the Autonomous Port of Cotonou and the expansion of the port area to 20 hectares for bulk and miscellaneous cargo. The project also involves the creation of a central access point with automated gantries, a 14-hectare parking area for heavy-duty vehicles equipped with an integrated, digitized management system linked to the port’s database, and an integrated center for faster foreign trade and freight processing. These activities are expected to cut transit time in the port area to two hours and relieve congestion along nearby roads. It is also expected to help improve working conditions for haulage truckers and the business environment for customs personnel and their technical partners.

Staff comments

1. The AfDB project identification number is P-BJ-DD0-002. 2. Port Autonome de Cotonou (PAC), the port authority, was incorporated in 1964 for the sole purpose of exploiting the country’s only port. PAC is commercially run, though fully owned by the Government of Benin (“GoB”) and operates under a landlord port model. In 2018, the port signed a 3-year management contract with the Port of Antwerp-Bruges International (“PAI”) that included two additional 3-year renewed terms under execution. PAI is an international centre of port excellence, with substantial worldwide experience in port consultancy, management, and training services.