MERIDIAN PORT SERVICES LIMITED (FMO-48033)

Countries
  • Ghana
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 28, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Meridian Port Services Limited
The holder of the loan, grant, or other investment.
Sectors
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 46.42 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported USD 39.00 MLN
Converted using 2017-12-25 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 9, 2018


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Project Description

WHO IS OUR CLIENT

Meridian Port Services Limited is an existing entity and is 70 percent owned by a 50/50 joint venture between APMT and Bollore and 30 percent owned by GPHA, which is fully state owned.

FUNDING OBJECTIVE

It concerns the financing of the development, construction and operation of a new container handling terminal (terminal 3) within the Port of Tema in Ghana. The Port is strategically located only 30 kilometers away from Accra, Ghana's capital, and holds a dominant position handling approximately 94 percent of the country's import/export containers. Currently Sponsors manage the existing port (terminal 2).

WHY WE FUND THIS PROJECT

Improving Ghana's port infrastructure fits well within the FMO strategy to stimulate essential infrastructure development in Low Income Countries whereby the project will have a high impact on the Ghanaian economy including the support of 600 jobs, the involvement of APMT as sponsor is important as it is a key account which whom FMO has a good relationship, and with APMT being a sponsor the project this financing contains a Dutch interest component.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

FMO
South Africa
+27 11 507 2500
joburg-office@fmo.nl

 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.