The International Finance Corporation (IFC), which is the private sector arm of the World Bank has said it has granted a $73.5 million loan in a bid to assist with the development of a fertiliser export terminal at Port Harcourt in Niger Delta, Nigeria, according to The Daily Mail.
Eme Essien Lore, Country Manager for IFC in Nigeria, said: “IFC is committed to supporting investments in key infrastructure that will help facilitate the growth of Nigeria's non-oil sector.”
The new terminal is to cost $150 million in total and is a joint venture between Indorama Eleme Petrochemicals Limited and Oil and Industrial Services Limited.
It was also reported that the Rand Merchant Bank is providing a $31.5 million loan in order to fund the terminal’s development.
There are currently a number of port and terminal projects taking place in Africa, as growth is set to increase in the coming years.
APM Terminals (APMT) previously announced that it will develop and operate the first automated transhipment terminal at the Tanger-Med 2 port complex in Tangier.
It also has four terminals in the continent that are undergoing upgrades or expansion projects, including Liberia and Nigeria.