AD Ports Group has partnered with the Africa Finance Corporation (AFC) to address infrastructure gaps across the continent and support the maritime industry.
The signed agreement provides the basis for identifying, financing, developing, and investing in ports, warehouses, maritime and logistics infrastructure projects across Africa.
Signees will seek modernisation efforts aimed at increasing capacity and enhancing productivity.
Driven investments will focus on brownfield and greenfield opportunities.
Over the last 15 years, AFC has invested more than $10 billion in infrastructure projects across 37 countries in Africa – most notably, the institution developed and financed the first carbon neutral industrial zone in Africa, Nkok Special Economic Zone.
Much needed investments come as a report from the African Union (AU) found that throughput at African ports will reach 2 billion tonnes by 2040.
AD Ports and AFC see this as a major challenge when the current average dwell time is around 20 days across the continent, compared to the global average of four days.
“Some of the world’s fastest-growing economies are in Africa, necessitating the creation a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure,” said Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group.
“We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity.
The agreement includes the development of the first net zero carbon administration building to be constructed for the joint venture.