Supporting the development of seaport facilities in Kenya and Tanzania
In August 2012, IFC lent the equivalent of $6 million to Singaporean logistics firm Portek to facilitate the privatization of Magerwa Dry Port in Rwanda. IFC provided a long loan tenor for this acquisition and supported Portek with political risk mitigation for the company’s first venture in Rwanda.
Portek’s investment in Magerwa fostered the development of a fuel oil bunkering facility in Kigali and other potential seaport facilities in Kenya and Tanzania. It also improved the efficiency of Magerwa’s operations through management and staff capacity building.
Portek International Limited, established in Singapore in 1988, is a logistics company that provides equipment and services to ports globally. It also operates medium-sized container and multi-purpose ports.