{"id":16522,"date":"2024-12-03T14:36:00","date_gmt":"2024-12-03T13:36:00","guid":{"rendered":"https:\/\/maritimafrica.com\/en\/?p=16522"},"modified":"2024-12-03T14:36:00","modified_gmt":"2024-12-03T13:36:00","slug":"ifc-invests-in-benin-terminal-to-boost-trade-and-create-jobs-in-benin-and-west-africa","status":"publish","type":"post","link":"https:\/\/maritimafrica.com\/en\/ifc-invests-in-benin-terminal-to-boost-trade-and-create-jobs-in-benin-and-west-africa\/","title":{"rendered":"IFC Invests in Benin Terminal to Boost Trade and Create Jobs in Benin and West Africa"},"content":{"rendered":"<p style=\"text-align: justify;\"><a href=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-16523\" src=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225.jpg\" alt=\"\" width=\"1600\" height=\"900\" srcset=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225.jpg 1600w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225-300x169.jpg 300w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225-1024x576.jpg 1024w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225-768x432.jpg 768w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225-1536x864.jpg 1536w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733120536225-800x450.jpg 800w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/a><\/p>\n<div class=\"container responsivegrid aem-GridColumn--default--none aem-GridColumn--offset--desktop--2 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0 aem-GridColumn--desktop--none aem-GridColumn--tablet--10 aem-GridColumn--desktop--8 aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn--tablet--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--tablet--1\">\n<div id=\"container-1329db828b\" class=\"cmp-container\">\n<div class=\"aem-Grid aem-Grid--8 aem-Grid--tablet--10 aem-Grid--default--8 aem-Grid--desktop--8 aem-Grid--phone--12 \">\n<div class=\"text ifc__pressroombody_content aem-GridColumn--offset--tablet--0 aem-GridColumn--tablet--10 aem-GridColumn--default--none aem-GridColumn--desktop--8 aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn--tablet--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--phone--0 aem-GridColumn--offset--default--0\">\n<div id=\"text-6f1ec17256\" class=\"cmp-text\">\n<p style=\"text-align: justify;\">To enhance the Port of Cotonou\u2019s operations and boost trade flows in Benin and West Africa, IFC announced on 28 November 2024 a financing for Benin Terminal (BT), the country\u2019s largest container terminal.<\/p>\n<p style=\"text-align: justify;\">IFC will loan up to \u20ac20 million to BT, a subsidiary of Africa Global Logistics (AGL), owned by Mediterranean Shipping Company Holding SA (MSC), the world\u2019s largest container shipping company. IFC&#8217;s financing, which is part of a wider \u20ac165 million investment plan initiated by BT to improve its operations, will enable the company to increase its berth and yard capacity. Following the upgrades funded by this financing, which marks IFC\u2019s first-ever direct investment in Benin\u2019s infrastructure sector, IFC expects the expanded activity of the terminal to add an estimated $873 million in gross value to Benin\u2019s economy (the equivalent of roughly 1.2 percent of its GDP) and support several thousands of additional indirect and induced jobs by 2035.<\/p>\n<p style=\"text-align: justify;\">The upgrades, will help overcome capacity bottlenecks and significantly increase container handling efficiency and service quality in the terminal. The project will extend the current terminal capacity by doubling the length and number of quays, and adding new environmentally friendly cranes for yard handling. Additionally, fifteen hectares of new storage platform will be developed, along with modernized terminal access, which will increase the static capacity by 33 percent.<\/p>\n<figure id=\"attachment_16524\" aria-describedby=\"caption-attachment-16524\" style=\"width: 1280px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-16524 size-full\" src=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687.jpg\" alt=\"\" width=\"1280\" height=\"853\" srcset=\"https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687.jpg 1280w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687-300x200.jpg 300w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687-1024x682.jpg 1024w, https:\/\/maritimafrica.com\/en\/wp-content\/uploads\/2024\/12\/1733231132687-768x512.jpg 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-16524\" class=\"wp-caption-text\">Photo : AGL<\/figcaption><\/figure>\n<p style=\"text-align: justify;\">The project will also focus on sustainability and climate change mitigation, adhering to IFC&#8217;s Performance Standards. It will be developed under AGL\u2019s Green Terminal Label, which aims to enhance environmental performance and formalize the company&#8217;s green commitments in the logistics sector.<\/p>\n<p style=\"text-align: justify;\">&#8220;We are delighted to partner with IFC on this transformative project,\u201d\u00a0<b>said Fabrice Ture, CEO of Benin Terminal.\u00a0<\/b>\u201cThe expansion of our terminal will significantly improve our operations, making Benin a more attractive hub for regional trade. This project underscores our commitment to contributing to the economic development of Benin and the broader West African region.&#8221;<\/p>\n<p style=\"text-align: justify;\">\u201cPromoting the industrialization of the Beninese economy, including by developing the underlying supportive transport and logistics infrastructure, is a key pillar of IFC\u2019s strategy for Benin,\u201d said\u00a0<b>Olivier Buyoya, IFC\u2019s Regional Director West Africa<\/b>. \u201cBy expanding Benin Terminal&#8217;s capacity, we are facilitating regional trade and improving connectivity and logistics to strengthen competitiveness and promote inclusion.&#8221;<\/p>\n<p style=\"text-align: justify;\">The Port of Cotonou, which houses BT, is vital for the country&#8217;s commerce and customs revenue and handles the majority of Benin&#8217;s international trade. It is also a key transit point in West Africa, offering access for exports and imports to other landlocked countries in the region. The enhanced capacity of Benin Terminal will significantly contribute to regional trade integration, helping grow trade cargo volumes that will induce economic output in supply chains such as agriculture, trade, and transport.<\/p>\n<p style=\"text-align: justify;\">IFC has an active investment portfolio of $60.8 million in Benin and an advisory portfolio worth $1.5 million, with most of the focus in the financial sector. The World Bank\u2019s work in the country supports Benin\u2019s poverty reduction strategy to increase growth, access to basic services governance and institutional capacity building.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ifcbpexpfragment experiencefragment aem-GridColumn--default--none aem-GridColumn--offset--desktop--2 aem-GridColumn--offset--default--2 aem-GridColumn--offset--phone--0 aem-GridColumn--desktop--none aem-GridColumn--tablet--10 aem-GridColumn--desktop--8 aem-GridColumn--phone--none aem-GridColumn--phone--12 aem-GridColumn--tablet--none aem-GridColumn aem-GridColumn--default--8 aem-GridColumn--offset--tablet--1\">\n<div id=\"ifcbpexpfragment-8b02b4ddb9\" class=\"cmp-experiencefragment cmp-experiencefragment--bp-experience-fragment\">\n<div class=\"xfpage page basicpage\">\n<div id=\"container-8e4cd2d324\" class=\"cmp-container\">\n<div class=\"text ifc__body_content ifc__paragraph_lg\">\n<div id=\"text-9cb83ab268\" class=\"cmp-text\">\n<p>Source : IFC<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>To enhance the Port of Cotonou\u2019s operations and boost trade<\/p>\n","protected":false},"author":1,"featured_media":16523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1320,40,442,2300],"tags":[1493,2564,1319,1321,2687,3152,31,32,1485,1297,1388,1324,45,1507],"class_list":["post-16522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-benin-en","category-blog-en","category-news-en","category-terminal","tag-africa-en","tag-agl-africa-global-logistics","tag-benin-en","tag-benin-terminals-en","tag-daily-news","tag-ifc","tag-maritimafrica","tag-maritime","tag-maritime-in-africa","tag-maritime-industry-en","tag-news","tag-port-of-cotonou","tag-shipping-en","tag-terminals"],"yoast_head":"<!-- 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