Construction on the new container terminal in the port of Walvis Bay, Namibia is 85% complete according to the African Development Bank (AfDB).
The Walvis Bay Container Terminal Project is expected to increase the port’s TEU handling capacity from 355k TEU to 1.0 M TEU and is scheduled to be completed by June 2019. The project is supported by a USD 300 M loan provided by the AfDB in 2013. The loan is projected to cover 87.6% of the costs, including the purchase of modern equipment and training programs for employees.
After completion of the project, the AfDB estimates that transport costs of goods purchased in Namibia and its neighbouring countries will reduce from 14% to 5%. Moreover, the objective of the container terminal expansion is to turn Namibia into West Africa’s leading logistics and trading hub, consistent with the country’s 2030 Vision to reduce inequality and increase living standards.
A statement from the AfDB added: “The Walvis Bay Container Terminal Project will significantly boost the Bank’s work in regional integration and improving the lives of Africans. Poverty alleviation in the SADC region will improve, thanks to better port efficiency and larger volumes of cargo from more trade, which will create better opportunities for trade, jobs creation and capacity development. This will lead to inclusive growth and economic transformation.”
Source: Port Technology
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