AfDB Lome Port loan could boost Togo maritime industry
18 July 2011
The maritime industry in Togo could be boosted by the approval of a €60 million (£52 million) loan from the African Development Bank (AfDB) to fund the construction of a transhipment container handling terminal.
It will be established at Lome Port in the Gulf of Guinea, the existing capacity of which is around 221,000 units. According to the AfDB, this must be increased to meet growing needs and demand, with the new site set to handle 1.5 million 20 ft units.
Managed by Togolese business Lome Container Terminal, the initiative is expected to boost expansion of the country's maritime sector, as well as increase shipping lines and consumer savings and drive tax revenue for the government.
The Port of Lome itself is the only deep water port on Africa's west coast and can accommodate all kinds of vessels, making it suitable for transhipment operations.
It enjoys free port status, meaning transfer and handing of goods on site are conducted without customs duties.