(Ecofin Agency) - Meridian Port Services (MPS), the firm managing the Tema harbour in Ghana, announced in a statement published on Sept 5 that it has secured $1.5 billion from various commercial banks and development finance institutions to expand the harbour which is situated at about 25km east of Accra.

MPS is a joint-venture between APM Terminals, Bolloré Africa Logistics, Meridian Port Holdings Ltd and the Ghana Ports and Harbours Authority.

The financing package mobilized by MPS includes $195 million from the International Finance Corporation (IFC), World Bank’s branch for private sector, and $472 million from three commercial banks: Bank of China, Industrial and Commercial Bank of China and Standard Bank. The Dutch development fund, FMO, also provided part of this package.

The agreement for the Tema port expansion project which aims to boost the infrastructure’s annual capacity by 3.5 million container Twenty-Foot Equivalent units was signed in November 2014. The project will add four deep-water berths, a breakwater, and a new access channel so the port can accommodate larger vessels, and also give rise to a highway connecting the port to Accra.

“A vast continent, with a rapidly growing population, Africa is still significantly under-represented in world trade, currently accounting for less than five per cent of global container trade, but the establishment of modern port infrastructure such as this Tema Port expansion will help link African markets to the global logistics chain and promote new trade opportunities and economic growth,” said Kim Fejfer, CEO, APM Terminals for West Africa.