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Stanley Raja Korshie Ahorlu<\/strong><\/p>\n The Executive Committee of the Board of Directors of African Export-Import Bank (Afreximbank) in Cairo has approved senior debt funding of $50 million for Prime Meridian Docks Ghana Ltd (PMD).<\/p>\n The funding formed part of a $75 million syndicated project-finance facility for the company\u2019s maritime infrastructure project.<\/p>\n The funding is to support PMD to build and operate a world-class ship repair and maintenance facility in the port of Takoradi under a 25-year concession granted the company by the Ghana Ports and Harbours Authority (GPHA).<\/p>\n The project when completed will comprise some 30,000 sq. meters of paved laydown area, a 200-meter jetty, modern workshops, offices, heavy marine equipment and a new 13,500t lift-capacity handy-max size floating drydock.<\/p>\n The ship repair facility when fully operational will create over 500 new jobs and positively impact the local and regional maritime economies.<\/p>\n According to the project coordinator, Maria Ogbugo, the company is finalizing its engagements with other lenders including African Development Bank (AfDB) and UMB Bank, as well as its equity partners; ARM-Harith Infrastructure Fund and Stratcon Capital to conclude the $137 million fund to enable PMD commence construction in the fourth quarter of 2022.<\/p>\n She said the civil and marine components of the infrastructure are to be constructed by China Harbour Engineering Company (CHEC) and Keppel Nantong, respectively.<\/p>\n PMD is a Ghanaian company founded and headed by Stanley Raja Korshie Ahorlu, sponsor of the project which has been on the drawing board for the past seven years.<\/p>\n Mr. Ahorlu views the $50 million Afreximbank facility as a, \u201csignificant breakthrough resulting from our years of belief, value creation, resilience and partnerships.\u201d<\/p>\n CEO of ARM-Harith, Tariye Gbadegesin, said the company is thrilled to be part of a project which will bring significant development impact while positioning Ghana squarely to support the African Continental Free Trade Agreement.<\/p>\n \u00a0<\/p>\n Investment Director of ARM-Harith, Ernest Nyarko, said the fund is \u201ca major leap forward for the project,\u201dwhile Keith Nelson, CEO of Rigmar, refers to it as \u201cour long awaited and very well-deserved achievement.\u201d<\/p>\n \u00a0<\/p>\n By Jamila Akweley Okertchiri<\/strong><\/p>\n \n\t<\/div>\n","protected":false},"excerpt":{"rendered":" \u00a0 Stanley Raja Korshie Ahorlu The Executive Committee of the Board of Directors of African Export-Import Bank (Afreximbank) in Cairo has approved senior debt funding of $50 million for Prime Meridian Docks Ghana Ltd (PMD). The funding formed part of a $75 million syndicated project-finance facility for the company\u2019s maritime infrastructure project. The funding is […]<\/p>\n","protected":false},"author":1,"featured_media":1198728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[15967,19393,4708,25213,25214,3880,954],"class_list":["post-1198726","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-50m","tag-afreximbank","tag-approves","tag-docks","tag-meridian","tag-prime","tag-project"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1198726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1198726"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1198726\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1198726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1198726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1198726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}