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

$25M USD

Funder	People's Bank of China (PBC)
Recipient Organization	Africa Growing Together Fund (AGTF)\|Government of Benin
Country	Benin
Start Date	Jul 14, 2023
End Date	Jun 06, 2028
Duration	1,789 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`104467`

Grant Description

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

📋 Loan / Grant Terms

📅 Maturity15 years

⏳ Grace Period15 years

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

The AfDB project identification number is P-BJ-DD0-002.
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.

📚 Sources & References

Project Summary Note Rehabilitation and Expansion of Port Autonome de Cotonou
Benin: African Development Bank Group extends €80 million loan for Port of Cotonou upgrading
Modernisation du port de Cotonou: La Bad approuve un prêt de 52 milliards F Cfa
Le Port autonome de Cotonou bénéficie d’un prêt de la Banque Africaine de Développement
Modernisation du port de Cotonou: La Bad finance deux projets avec 63,3 milliards F Cfa Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Africa Growing Together Fund (AGTF)|Government of Benin

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