With IFC Help, Benin Awards Port Concession to Improve West African Trade Prospects
In Washington, D.C.:
Zibu Sibanda
Phone: (202) 474 0605
E-mail: zsibanda@ifc.org
In Dakar:
Kimberlee A. Brown
Phone: +221 33 859 7126
E-mail: kbrown@ifc.org
Dakar, Senegal, August 7, 2009—IFC,
a member of the World Bank Group, today announced that Groupement Bolloré
won the bid to invest in and manage a public-private partnership port concession
in Benin that promises to increase trade between landlocked countries in
West Africa and the rest of the world.
IFC advised the government of Benin
on the bidding process for the South Wharf Container Terminal concession
at the port of Cotonou.
Groupement Bolloré, composed of Bolloré
and Société de Manutention du Terminal à Conteneurs de Cotonou, will manage
the port’s operations for 25 years. It competed with a group of world-class
operators that were prequalified to bid through a highly competitive and
transparent selection process. The final selection criterion was based
on the highest total amount of cumulative fees to be paid annually to the
government for the first eight years of operations.
The South Wharf Container Terminal is
intended to improve port performance and security, expand capacity, and
cut costs. It is expected to significantly reduce delays at the port and
help increase opportunities to develop external markets for the agriculture
and fishing industries.
Groupement Bolloré’s proposal included
a commitment to pay fees of $200 million over the first eight years of
operations, and to invest $256 million in operating equipment and civil
works over the life of the concession.
“Trade and investment are critical
to Benin’s development,” said Yolande Duhem, IFC Director for West and
Central Africa. “An improved port and other infrastructure facilities
will create new opportunities for this nation’s people and businesses.”
The government of Benin received funding
of $169 million from the United States under a program conducted by the
Millennium Challenge Corporation to assist in the port sector reforms.
The transaction was completed in eight
months, signaling the commitment of Benin, IFC, and the Millennium Challenge
Corporation. IFC advised the government with the support of DevCo, a multidonor
affiliate program that incorporates the Private Infrastructure Development
Group, supported by the U.K.’s Department for International Development,
the Dutch Ministry of Foreign Affairs, the Swedish International Development
Agency, and the Austrian Development Agency.
About IFC
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $15 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
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