The African Development Bank Group (AfDB) and Namibia on Friday, November 8, 2013 signed a ZAR 2.9 billion (US $338 million) sovereign guaranteed loan to Nambia Ports Authority (Namport) to finance the construction of a container terminal at Walvis Bay New Port.
In line with its Ten Year Strategy and focus on infrastructure development and regional integration, the AfDB Group approved the construction of the New Port of Walvis Bay Container Terminal Project in July 2013. The Bank also provided a UA 1.5 million grant (US $2.3 million) to the Government of Namibia for logistics and capacity building complementing the port project loan.
The Project is expected to enable Namport to triple the container-handling capacity at the Port of Walvis Bay from 350,000 TEUs to 1,050,000 TEUs per annum. It will also finance the purchase of up-to-date port equipment and the training of pilots and operators for the new terminal. The grant component will fund the preparation of the National Logistics Master Plan study, technical support and capacity-building for the Walvis Bay Corridor Group and training of freight forwarders with particular emphasis on female staff.
The projected project outcomes include improvement in port efficiency and increase in cargo volumes by 70% in 2020 as a result of increased trade in the region. The benefits of the project will include among others, the stimulation of inter-regional trade and regional integration, private sector development, skills transfer and most importantly employment creation, leading to significant economic development and poverty reduction in Namibia, and the SADC region.
Source: AfDB
