Port of Ndayane

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This project involves construction of the new Port of Ndayane, located on the shores of Ndayane city, 50 km from Dakar, Senegal. The sponsor is DP World Dakar - a joint venture between Port Authority of Dakar (PAD) and DP World logistics company from Dubai. This project will be executed in two phases and Phase 1 consists of the development of new container terminal with increased capacity of 1.2 million TEUs per year. The investment for Phase 1 is $837 million. Phase 2 consists of the implementation of additional container quay with $290 million of investment with a total project cost of $1.12 billion. UK's development finance institution CDC Group will finance the project as part of a long-term partnership agreement with DP World, signed in October 2021. Crédit Agricole, J.P. Morgan Chase Bank and Standard Chartered provided a €400 million non-shareholder loan with a door-to-door tenor of 15 years in support of the government's investment in the project. MIGA issued an 18-year Non-Honoring of Sovereign Financial Obligations (NHSFO) guarantee totaling $550 million (€516 million) to the lenders. The proceeds of the MIGA-backed loan will refinance debt contracted by the GoS to increase its shareholding interest in DP World Dakar SA (DPWD). The construction was scheduled to commence in January 2022, however, it was delayed due to the government's failure to provide its share of financing for the project after deciding to increase its stake in the project from 10 to 40%. In February 2023, Senegal's President Macky Sall announced that financing is in place thus enabling the construction to begin. 23/11/2023 https://www.reuters.com/world/africa/senegal-president-says-finance-constraints-lifted-dp-worlds-11-bln-port-2023-02-02/ https://www.sc.com/uk/2023/07/20/2457/ https://www.miga.org/project/dp-world-dakar-sa-2 https://www.miga.org/sites/default/files/2023-09/MIGA%20PRI%20%26%20NH%20-%202023%20Annual%20Meetings.pdf https://www.finances.gouv.sn/la-miga-signe-son-millieme-projetet-cest-avec-le-senegal/ https://www.offshore-energy.biz/dp-world-starts-1-bln-port-construction-in-senegal/ https://www.ship-technology.com/news/dp-world-port-senegal/ https://hawilti.com/infrastructure/logistics/dp-world-breaks-ground-at-1-1bn-ndayane-deep-water-port-in-senegal/ https://www.africanreview.com/construction-a-mining/buildings/dp-world-and-senegal-government-lay-foundation-stone-of-port-of-ndayane