Published: November 12, 2013
ZAR2.9bn loan will fund construction of a new container terminal, tripling Walvis Bay’s capacity.
The African Development Bank Group (AfDB) has signed a ZAR2.9bn (US$338mn) sovereign guaranteed loan for Nambia Ports Authority (Namport).
The company will use the funds to construct a container terminal at Walvis Bay New Port. AfDB has already provided a US$2.3mn grant to the Namibian government for logistics and capacity building.
At the signing of the deal (pictured), Sara Kuugongwelwa-Amadhila, Namibia’s finance minister, said the project was an important part of the country’s development goal to become a regional logistics hub by 2017. The project is expected to let Namport triple the container-handling capacity at the port.