Consortium Led by AfDB Secures $94 Million for Ghana’s Ship Repair Facility

A consortium, including the African Development Bank, has finalized an agreement to extend $94 million in senior debt funding to PMD Assetco Limited (PMD) for constructing and operating a floating dock ship repair facility in Ghana’s western Takoradi port. Other members of the consortium include the African Export-Import Bank (Afreximbank), the Eastern and Southern African Trade and Development Bank (TDB), and Petra Pension Schemes.

With this milestone, the "Shiprite" project has secured the total commitment for the required $137 million in capital. Upon completion, the facility will feature a 13,500-ton lift-capacity floating drydock, 30,000 square meters of reclaimed land, a 200-meter jetty, a modern workshop, offices, and heavy marine equipment.

Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank, Afreximbank, emphasized the strategic significance of the project: “The strategic location of this facility will provide shipowners whose vessels trade within the Gulf of Guinea with world-class repair and maintenance services. As the Mandated Lead Arranger, we are confident that Shiprite will enhance intra-African trade and foster regional economic growth and integration. By providing services that would have otherwise been lost to foreign shipyard repair facilities, Prime Meridian Docks will retain much-needed foreign currency within the continent.”

Mike Salawou, Director for Infrastructure, Cities, and Urban Development at the African Development Bank, highlighted the socio-economic benefits: “With over 400 new jobs expected to be created, of which more than 15% will be reserved for youth and women, the socio-economic impact of Project Shiprite is a compelling proposition for the Bank.”

Michael Awori, Chief Executive of TDB, remarked: “TDB is pleased to co-finance Project Shiprite, a ground-breaking project in West Africa that will enable considerable cost and time savings for shipowners needing maintenance and repair solutions nearby and in line with international standards. The project will reduce the carbon footprint of shipowner operations and generate foreign exchange, boost the local economy, create jobs, and improve infrastructure and logistics in Ghana.”

Chris Hammond, Chairman of the Boards of Petra Advantage and Petra Opportunity Pension Schemes, stated: “The participation of the Petra Pension Schemes in Project Shiprite represents a pioneering move by these pension funds into Project Finance and Infrastructure fund investments. This initiative supports the broader diversification agenda of the schemes and the wider local pensions industry.”

Jobalo Oshikanlu, Deputy CEO of ARM-Harith Infrastructure Fund, PMD’s development and equity partner, added: “We are proud to reach this milestone, having worked through the years with yet another resilient African sponsor in overcoming the bankability challenges in what promises to be a game-changing piece of infrastructure in the region.”

Stanley Raja Korshie Ahorlu, the project’s Lead Sponsor, affirmed: “PMD Assetco is poised to commence the construction of both the civil works and the floating dock and looks forward to entering the market promptly to support shipowners in the region as international shipping works towards reducing greenhouse gas emissions.”

PMD, a Ghanaian ship repair company with Free Zones Service Enterprise status and a 25-year concession from the Ghana Ports and Harbours Authority, has benefited from international support over the past years.