Standard Bank Finances New Port Terminal at San Pedro, Côte d'Ivoire
The completion of a €90-million financing for the construction of a new port terminal at San Pedro, Côte d'Ivoire, marks a significant milestone in the expansion of West Africa’s transshipment hub.
As the sole mandated lead arranger and the largest lender in the transaction, Standard Bank proved a key partner in securing the deal – it being the largest project financing to date that the bank has undertaken in Côte d'Ivoire.
The new terminal provides a crucial economic gateway between San Pedro – a world leader in the export of cacao beans – and traders from neighbouring countries, including Liberia, Mali, Burkina Faso, and Guinea.
As Africa’s largest bank by assets, Standard Bank is committed to supporting the growth and development of the West African region through meaningful investment opportunities that act as a catalyst for job creation.
“With the purpose of driving Africa’s growth, we believe that the sustainable expansion of infrastructure in the region will serve as a boon for social and economic development. The construction of a new port terminal is not an isolated event; it will lead to new roads being built, to new trade pathways being established, significant job creation and to new platforms for small, local businesses to thrive,” said Regional Head of Energy and Infrastructure Finance at Standard Bank, Cody Aduloju.
With the objectives of the African Continental Free Trade Agreement (AfCFTA) aiming to create a single continental market for goods and services, Standard Bank has already built, and is successfully enabling, strategic African trade corridors through meaningful investment – the new port terminal at San Pedro being yet another example of such.
“Rapidly growing markets in West Africa which have the potential to expand inter and intra-regional trade present Africa’s small, medium, and larger businesses with a trade opportunity to re-ignite the continental growth story. By facilitating investment in the ports and channels which makes trade possible, Standard Bank hopes to enable sustainable development for Africa and her people,” said Aduloju.