IFC announced on Thursday, November 28, 2024, financing for Benin Terminal (BT), the country's largest container terminal, in order to improve the operations of the Port of Cotonou and stimulate trade in Benin and West Africa.

IFC will lend up to 20 million euros (13.05 billion CFA francs) to BT, which is a subsidiary of Africa Global Logistics (AGL) owned by Mediterranean Shipping Company Holding SA (MSC), the world's largest container transport company (AGL) owned by Mediterranean Shipping Company Holding SA (MSC). This financing, which is part of a major investment plan of 165 million euros by BT to improve its operations, will allow BT to increase its docking and storage capacity

The adjustments made will contribute to reducing bottlenecks and significantly increasing the efficiency of container handling operations and the quality of terminal services. The project will increase the terminal's capacity by doubling the number and length of docks and by equipping the terminal with new environmentally friendly handling cranes. It will also contribute to the expansion of storage space to 15 hectares and to the modernization of access to the terminal and will thus increase the terminal's static capacity by 33%

“We look forward to working in partnership with IFC on this transformative project,” said Fabrice Ture, CEO of Benin Terminal. “The expansion of our terminal will significantly improve our operations, and will strengthen the attractiveness of Benin as a regional hub for trade. This project testifies to our determination to contribute to the economic development of Benin and West Africa in general.

IFC has a portfolio of ongoing investments in Benin worth $60.8 million as well as a portfolio of consulting services worth $1.5 million, mainly covering the financial sector. The World Bank, which supports Benin's development strategy, aims above all to promote economic growth, improve the provision of essential services, governance and institutional capacities.