- The Djiboutian government has assured international financing for the development, design, construction, ownership, operation and maintenance of new bulk terminal facilities for cereals and fertilisers. The bulk terminal in the port of Djibouti City also is Ethiopia's main import and export hub.
The African Development Bank (ADB) yesterday approved a loan of US$ 10 million in favour of Société Djiboutienne de Gestion du Terminal Vraquier (SDTV), to finance the Bulk Terminal Port project in Djibouti.
The project concerns the development, design, construction, ownership, operation and maintenance of bulk terminal facilities for cereals and fertilizers, over an area covering 42,000 square metres in the Port Autonome International de Djibouti (PAID).
These facilities are designed for storing and processing (unloading/bagging/loading) cereals and fertilizers in bulk form for export to Ethiopia and the sub-region. At the end of the term of the concession of 30 years, the bulk terminal will be transferred back to the port authority (PAID).
The project is expected to expedite food delivery to Ethiopia by improving port turnaround time and thereby contribute to lowering food and agricultural inputs landed cost in Ethiopia, according to ADB.
After Eritrea's independence, Ethiopia lost its access to the sea. After the Ethiopian-Eritrean border war, Ethiopia also lost access to Eritrean ports. This has made the Djibouti port Ethiopia's main import and export hub. The good road and rail connections between Addis Ababa and Djibouti further contribute to this, making the Berbera port in Somaliland less attractive.
According to a statement by the Bank the Bulk Terminal Port project is further expected to add value and improve competitiveness of the service sector. This is Djibouti's main economic sector, which in turn, contributes to improving living standards in the sub-region.
- It will create new business opportunities in servicing the port operations and associated logistics, according to an ADB statement.
The total cost of the project, jointly financed by the Société Djiboutienne de Gestion du Terminal Vraquier (SDTV) and the ADB, is estimated at about US$ 30 million. The ADB contribution represents 33 percent of the total amount, the Bank says.
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