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HomeNewsYilport Holding acquires AFC’s stake in Takoradi Port Expansion Project

Yilport Holding acquires AFC’s stake in Takoradi Port Expansion Project

AFRICA Finance Corporation (AFC), the leading infrastructure solutions provider in Africa, has completed its strategic exit from the Takoradi Port Expansion Project in Ghana. The corporation’s 35 percent equity stake in Atlantic Terminal Services Limited (ATSL), the concessionaire for the expansion of Ghana’s Takoradi Port, has been acquired by the global ports and container terminals operator Yilport Holding. This move underscores AFC’s capability to attract international third-party capital and divest its strategic infrastructure assets, which were developed through AFC’s unique project development and construction offering.

In 2019, AFC committed to investing up to $138 million in equity and debt for the Takoradi Port Expansion Project. The project is nearing its operational phase, poised to reduce the cost of imports and exports in Ghana’s western and central regions and neighbouring landlocked countries. The project involves modernising a container and multipurpose terminal under a 25-year concession, covering its design, engineering, financing, and construction. Although AFC has exited its shareholding, Ibistek and the Ghana Ports & Harbours Authority will continue as shareholders in the project. AFC remains committed as a lender to the project, ensuring its long-term success.

Takoradi, located in Ghana’s Western Region, plays a pivotal role in the nation’s economic growth and regional connectivity. It offers efficient links to the western and central regions of Ghana, including the Takoradi region, known for substantial agricultural activity, manufacturing, industrial and business parks, and a growing natural resources sector. The port is also strategically positioned to provide linkages to landlocked neighbouring countries. This project is an integral part of Ghana’s national development plan, aimed at revitalising and industrialising the western region while enhancing the nation’s overall efficiency and competitiveness. It achieves this by reducing the cost of imports and exports, building local capacity, and generating direct employment opportunities.

Samaila Zubairu, President & CEO of Africa Finance Corporation, expressed his satisfaction with the exit, stating, ‘This exit marks a significant milestone for AFC’s impact on the continent, and we take pride in our pivotal role in driving the implementation and de-risking of the Takoradi Port Expansion. The project is reshaping West Africa’s economic landscape, and partnering with a reputable investor like Yilport Holding aligns with our mandate to catalyse the inflow of global investment into Africa to transform supply chains, create local jobs, and enable resource beneficiation.’

Yilport Holding, a subsidiary of the Amsterdam and Istanbul-based Yildirim Group, has been involved in building world-class, multipurpose port facilities since 2004, with ambitions to become a top 10 global port operator by 2030. Their investment in the Takoradi Port Expansion Project serves as an ideal entry point into the African market. Yilport Holding envisions transforming the port and its adjacent area into a dynamic logistics and trading hub, ensuring high volumes of traffic.

Robert Yuksel Yildirim, Chairman and CEO of Yilport Holding, emphasised the significance of this acquisition, stating, ‘The acquisition of a stake in the Atlantic Terminal Services through AFC’s valued partnership marks a momentous occasion for Yilport Holding. This serves as a strategic gateway for us to establish our presence in the African market, and it aligns seamlessly with our commitment to fostering world-class logistics and trading hubs on an international scale.’

AFC remains committed to its mission of developing long-term infrastructure solutions that enhance the resilience and sustainability of cost-efficient supply chain logistics. In the past year, the corporation has successfully completed the construction of two new ports, Terminal à Conteneurs De Nouakchott (TCN) and the San Pedro (TIPSP) Multipurpose Industrial Terminal in Côte d’Ivoire, further solidifying its impact on Africa’s infrastructure development.

This strategic exit and investment from Yilport Holding represent a significant milestone in the development of Africa’s infrastructure and its role in the global supply chain, showcasing AFC’s ability to attract international investment and promote economic growth in the region.