The West African Development Bank (BOAD) and the Senegalese government have signed a loan agreement worth 10 billion CFA francs for the partial financing of the project aimed at deepening the access channel and reconstructing the oil wharf in the Port of Dakar in Senegal, PANA learned on Wednesday from sources close to the financial institution at its Lomé-based headquarters.
The project, which is aimed primarily at strengthening the port's competitiveness, will allow third generation ships to access the port.
It is also part of actions initiated by the Senegalese government to ensure the modernization and development of the country's infrastructure, intensify the fight against poverty and achieve regional integration.
Port traffic is expected to increase by 25% by 2016 while it will accommodate bigger vessels.
Part of the expected benefits also include the development of logistics and transport in favour of small and medium size enterprises, a reduced maritime traffic congestion inside the port as well as a reduced waiting time at anchorage due to the reduction in the time spent by the ships docked at the port.
This loan brings BOAD’s total commitments for the transport infrastructure in Senegal to 144 billion CFA francs and overall BOAD’s commitments for the West African country to 477 billion CFA francs, the financial institution said.