AFC exits stake in Ghana port to Turkish operator
Africa Finance Corporation has exited its 35% equity investment in Atlantic Terminal Services Limited.
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Infrastructure investor Africa Finance Corporation (AFC) has exited its 35% equity investment in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana’s Takoradi Port, to the global ports and container terminals operator Yilport Holding.
In 2019, AFC committed to invest up to US$138 million in equity and debt for the Takoradi Port expansion project. Now approaching its operational phase, the project aims to reduce the cost of imports and exports for the western and central regions of Ghana, as well as neighbouring landlocked countries. This is achieved by modernising a container and multipurpose terminal, which includes design, engineering, financing, and construction under a 25-year concession. Through this transaction, AFC exits its shareholding, while Ibistek and Ghana Ports & Harbours Authority remain as shareholders in the project. AFC will continue to be a lender to the project.
Yilport Holding, a subsidiary of Yildirim Group based in Amsterdam and Istanbul, has been developing multipurpose port facilities since 2004 and aims to rank among the top 10 global port operators by 2030. The investment in Takoradi represents Yilport's initial foray into Africa. The company plans to develop the port and its adjacent area into a logistics and trading hub, aiming to facilitate increased traffic flow.
Samaila Zubairu, president and CEO of AFC said, “This exit marks a significant milestone for AFC’s impact on the continent and we take pride in our pivotal role in driving the implementation and de-risking of the Takoradi Port expansion. The project is reshaping West Africa’s economic landscape and partnering with a reputable investor like Yilport Holding aligns with our mandate to catalyse the inflow of global investment into Africa to transform supply chains, create local jobs and enable resource beneficiation.”
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