Benin Terminal

pending

The proposed IFC investment consists of an A loan of up to EUR [20]mn out of a total debt package of EUR [75] mn to support Benin Terminal (“BT” or the “Company”), the concessionaire of the container terminal at the Port of Cotonou (“PAC” or the “Port”), in its EUR [165.5]mn investment plan to purchase new equipment and upgrade its terminal (the “Project”) following a concession agreement signed in July 2022 between the Company, the PAC and the Government of Benin (the “Concession Agreement”). BT is a subsidiary of African Global Logistic (“AGL” or “the Sponsor”), part of the MSC Group, a leading shipping and logistics group.The project is a brownfield upgrade of the existing container terminal / logistics zone from its current 32.6ha to 44.7 ha, with BT representing 23% of the total Port area (193 ha). Proceeds from the IFC investment will support (i) the purchase of equipment including ship to shore crane (STS), electric rubber gantry crane (RTGs), tractors and trailers, reachstakers, and empty handlers; (ii) the refinancing of the shareholder loan used by the Company to pay the entry ticket of the Concession Agreement to the Government of Benin; (iii) civil works & relocation of diesel power station; and (iv) IT. The Project is expected to be completed by the first semester of 2027. The Project is separate from a wider expansion program of the Port led by PAC, the state-owned entity (“SOE”) in charge of the management and development of the Port, of which the following works are considered Associated Facilities (AFs) to BT per IFC Performance Standards: (i) basin expansion works consisting of extension of the basin; (ii) dredging the basin and access channel; and (iii) extension of the quays.