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JBIC agrees to $235m loan to Mombasa Port

JBIC agrees to $235m loan to Mombasa Port

Tokyo: The Japan Bank for International Cooperation has signed a Japanese ODA loan agreement worth $235m with the Kenya Ports Authority for the Mombasa Port Development Project. The project, which includes construction of a new container terminal and procurement of ship-to-shore gantry cranes, rubber tired gantry cranes and other cargo handling equipment, is expected to facilitate trade and economic development in Kenya and the neighbouring countries such as Uganda, Burundi and Rwanda. The proceeds of the loan will be used for the construction of a container terminal and an access road, procurement of port handling equipment and consulting services.  

This is first application in the Sub-Saharan African region of Special Terms for Economic Partnership (STEP), a Japanese ODA loan scheme used to finance the transfer of Japanese technology and skills in port development. Mombasa is the second largest city and only international port in Kenya.   
The port, which is already experiencing container volumes beyond its current capacity, anticipates strong growth in the near future. It also aims to improve its operations by reviewing its tariff system for handling charges and customs clearance and adding consulting services.  [24/12/07]

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