Port Autonome de Dakar
New National Port of Dakar and Special Economic Zone (SEZ).
Challenge:
- The current port is constrained by its location in central Dakar with the city
surrounding it. - The port is considered to be one of the city’s main contributors to traffic congestion, as trucks must enter the city precinct.
- The port is also constrained as it has no deep-water access.
- The port is one of the major ports of west Africa and a key driver of potential economic growth.
- Under-investment in port equipment has resulted in limitations in port cargo processing capabilities, an old and inefficient port lay-out means delays and congestion.
Solution:
- EAIF acted as anchor of the regional XOF bond to finance the construction of a new modern port facility and Special Economic Zone. The bond, a regional offering to the XOF region of west Africa totalled XOF 60bn (US$107m).
- The 7-year bond will finance the first phase of relocating the Port of Dakar and the construction of a new Special Economic Zone at Popinguine-Ndayane, near Dakar.
- The deep-water port will have enhanced road and rail networks access into the west Africa region, securing Dakar’s position as a regional trade hub.
- Construction expected to begin in late 2022.
Impact:
- The port is a ‘4th generation’ industrial port, and will be one of the most advanced ports in Africa.
- Turnaround times will fall by between a half and two thirds.
- A “Green port” strategy includes a largescale tree planting programme.
- An additional 400 jobs will be created when the port relocates.
- c.3,000 construction jobs.
- EAIF promoting improvement of bond market efficiency through better transparency, covenants and reporting on ESG/HSES standards.
- A new City district rejuvenation project in the location of the old port.