The World Bank's private sector arm, the IFC, has granted $73.5 million for the build of a new port terminal in southern Nigeria, says Reuters.
The aim behind the new terminal currently being constructed at Port Harcourt in Nigeria's Niger Delta, will be to help increase the country's non-oil exports.
It will be used to ship 2 million tonnes of dry bulk urea exports per year from Indorama Eleme's fertiliser plant.
It’s a joint venture between Indorama Eleme Petrochemicals Limited and Oil and Industrial Services Limited and will cost $150 million in total to build.
Finance for the terminal is made up of The IFC grant plus an additional $31.5 million loan for the terminal from Rand Merchant Bank.
Nigeria currently relies on crude oil sales for around 90% of its foreign exchange, but it’s suffering from a plunge in oil prices spurring the government on to steer the economy towards other trading goods.
- See more at: http://www.portstrategy.com/news101/world/africa/world-bank-loan-for-port-harcourt?#sthash.kwuPf34F.dpuf
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