Africa Finance Corporation (AFC) has exited its 35 per cent equity investment in Atlantic Terminal Services Limited (ATSL).
Yilport Holding has been awarded the concession for the expansion of Ghana’s Takoradi Port. In 2019, AFC committed to spend up to $138 million in equity and loans in the Takoradi Port Expansion Project.
The nearly completed project reduces the cost of imports and exports to and from Ghana’s western and central regions, as well as adjacent landlocked nations, by modernising a container and multipurpose terminal under a 25-year concession for design, engineering, finance, and construction.
AFC departs the project through this deal, but Ibistek and Ghana Ports & Harbours Authority remain shareholders. However, AFC claimed that it will continue to be the project’s lender.
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Takoradi, a significant seaport in Ghana’s Western Region, is critical to the country’s economic growth and regional connections.
It offers shorter and less-congested links to west and central Ghana, including the Takoradi region, which boasts of substantial agricultural activity including 50 per cent of Ghana’s cocoa production, as well as manufacturing, industrial and business parks, and a growing natural resources sector.
The port is also well suited to provide linkages to neighbouring landlocked countries.
The project forms part of the country’s national development plan to revitalise and industrialise the western region and enhance Ghana’s overall efficiency and competitiveness by reducing the cost of imports and exports, building local capacity and generating direct employment opportunities.
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Samaila Zubairu, President & CEO of Africa Finance Corporation, 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.”
Robert Yuksel Yildirim, Chairman and CEO of Yilport Holding, stated: “The acquisition of a stake in the Atlantic Terminal Services through AFC’s valued partnership marks a momentous occasion for Yilport Holding.
“This serves as a strategic gateway for us to establish our presence in the African market, and it aligns seamlessly with our commitment to fostering world-class logistics and trading hubs on an international scale.”
