ADB loan for port project

The African Development Bank (ADB) has approved a loan of US $10 million to finance a project to build a bulk terminal at the port of Djibouti. This project involves the development, design, construction, ownership, operation and maintenance of bulk terminal facilities for cereals and fertilisers over an area covering 42,000 sq metres, the ADB said in a statement. Upon completion, the project is expected to expedite food delivery to Ethiopia by improving port turnaround time. "It adds value and improves competitiveness of the service sector, the main economic sector, which in turn contributes to improving living standards in the subregion. It will create new business opportunities in servicing the port operations and associated logistics," the statement said. The total cost of the project, which is jointly financed by the Société Djiboutienne de Gestion du Terminal Vraquier and the ADB, is estimated at US $30 million.