BIDC and others to inject $60M in the creation of a regional maritime company

Transport
Thursday, 08 March 2018 17:24
BIDC and others to inject $60M in the creation of a regional maritime company

(Togo First) - ECOWAS’ Investment and Development Bank (BIDC), along with some other financial institutions, soon plan to inject $60 million to establish a regional maritime company. Sealink will be its name.

Overall cost for the project, backed by ECOWAS’ federation of West African chambers of commerce and industry (FEWACCI), is $100,000,000. Out of this, Togo is to invest $500,000.

The new company would ease movement of people and goods by sea, within ECOWAS. According to projections, Sealink should help boost by 10-25% regional trade.

Besides boosting regional trade, the project will result in lower transportation costs, according to Togo’s minister of infrastructure and transport, Ninsao Gnofam.

Germain Mèba, President of Togolese Chamber of Commerce and Industry, said for his part that it should enable the creation, progressively, of a common market in ECOWAS.

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.