Construction on the new container terminal at Walvis Bay, Namibia, the largest port in Africa, is 85% complete, according to the African Development Bank (ADB).
The Walvis Bay Container Terminal Project is expected to increase TEU handling capacity from 355,000 to 1,005,000, and is scheduled to be finished by June 2019.
It is supported by a loan from the ADB of approximately US $300 million, which was made in 2013 and is expected to cover 87.6% of the costs.
This will, according to ADB, reduce the transport costs of goods purchased in Namibia and its neighbouring countries from 14% of a transaction to 5%.
According to a statement, the ADB is also funding the purchase of modern equipment, as well as paying for workers to be trained.
Its objective is to turn Namibia into West Africa’s leading logistics and trading hub. It is consistent with the country’s 2030 Vision, a government project designed to reduce inequality and increase living standards.
A statement from the ADB stated: “The new port of Walvis Bay Container Terminal Project will significantly boost the Bank’s work in regional integration and improving the lives of Africans.
“Poverty alleviation in the SADC region will improve, thanks to better port efficiency and larger volumes of cargo from more trade, which will create better opportunities for trade, jobs creation and capacity development. This will lead to inclusive growth and economic transformation.”