In the Board of Directors, African Development Bank officials decided to approve a $23.04 million loan to Ghana to co-finance the construction of a modern floating dock ship repair facility in the port of Takoradi. The direct beneficiary of this funding is Prime Meridian Docks AssetCo Ltd (PMD),

Valued at $137 million, the project includes the construction of a 200-meter pier, the dredging of 300,000 cubic meters of rock in the harbour basin, and the purchase and installation of a floating dock with a lifting capacity of 13,500 tons. Offices, a warehouse, mechanical workshops for steel and pipe manufacturing, electrical work, sandblasting and painting, and equipment maintenance are also planned

The funding is to help the company design, build, operate, and maintain a world-class ship repair and maintenance facility in the Gulf of Guinea, under a 25-year concession granted to the company by the Ghana Ports and Harbours Authority. The project also meets Ghana's national ambition to become a hub for maritime and oil operations in West Africa