GSEZ Ports reaches financial close
Gabon Special Economic Zone Ports (GSEZ Ports) – a joint venture between Olam International (40.5%), the Republic of Gabon (38.5%) and Africa Finance Corporation (21%) – has reached financial close on an €80 million facility to partially refinance a €305 million new port development at Owendo, Gabon.
The 30-year PPP concession – Gabon’s largest PPP project – is currently 75% equity funded and the deal releases money for the largest shareholder to reinvest in other infrastructure projects in Africa.
Owendo’s existing port facilities for general cargo had reached maximum capacity. GSEZ Port’s new infrastructure adds an additional 4 million tonnes of capacity, doubling the port’s capability. The enlarged port was certified completed in June 2019
The new debt facility comprises €40 million each from Emerging Africa Infrastructure Fund (EAIF) and African Development Bank (AfDB) on a 15-year tenor.
