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World Bank approves $400m for Egypt to improve logistics in transportation sectors

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The World Bank has approved Egypt’s request for a loan of $400 million to develop its logistics and transportation sectors, as well as support the shift towards lower carbon emissions, the international group said in a statement on Monday.

According to the World Bank, the loan was approved on the basis that the “project will focus on developing a railway bypass in Egypt’s congested Alexandria-the 6th of October-Great Cairo Area railway corridor, which would allow for increased freight capacity and decongesting areas with high demand for passenger trains.”

The group said with the project, Egypt’s transportation sector which is the second largest contributor to greenhouse gas emissions in the country at around 19 percent, will reduce emissions by 965,000 tonnes over 30 years.

“The Egyptian government’s effort to promote private sector participation in improving its railways by creating a system similar to road tolls, permitting privately-owned trains to operate on national tracks for a fee is worth investing in,” the World Bank said.

Egypt’s Ministry of International Cooperation also said on Monday that the ongoing development finance portfolio between Egypt and the World Bank includes 15 projects worth $5.7 billion with initiatives in healthcare, social security, enterpreneurship, and transportation.

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African leaders want more efforts to promote regional industrilisation

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Leaders across the continent of Africa at a recent meeting in Niger’s capital Niamey have called for a doubling of efforts to promote industrialization in the region.

The call came during an Extraordinary Summit on Industrialization and Economic Diversification in the Central African country.

Some of the leaders present were, Nigeria’s Muhammadu Buhari, Rwanda’s Paul Kagame, and Zimbabwe’s Emmerson Mnangagwa.

The leaders noted sectors critical to industrialisation like agriculture, agro-industry, health, education, infrastructure, and especially energy, and urged increased private sector participation in the space.

The summit later held a discussion on trade with a focus on the African Continental Free Trade Area (AfCFTA).

Africa is the world’s least industrialized, the continent commemorates Africa Industrialization Day every November.

The African Development Bank Group, in its November 2022 index posits that industrialisation is central to Africa’s development prospects. With its young labour force, abundant natural resources, and fast-growing internal markets. Africa has the potential to become the next global frontier for industrial development.

 

 

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Ivory Coast aims regional shipping hub, completes $953 million container terminal

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West African country, Ivory Coast is making waves at becoming a regional shipping hub as it has completed construction of a second container terminal at its main port in Abidjan.

The project, financed by China’s Eximbank by 85% and 15% by the Ivorian state costs about 596 billion CFA francs ($953 million).

The new container terminal, called Cote d’Ivoire Terminal (CIT), started operations on Nov. 1 but was officially unveiled at a press conference on Friday. It is able to receive large ships from Asia, Europe, and America that previously had to land goods in South Africa, transferring them to smaller ships to reach West Africa.

The technical director of the terminal Andre N’Doli, remarked “we are no longer a second port. We are becoming a hub,”

“In addition to national traffic, we will handle traffic from other ports that cannot accommodate large vessels,” he told reporters.

According to official data, there has been growth in recent years in the country’s maritime sector. Ivory Coast shipped goods worth USD 12,717 million in 2019, an -8.5% dip as compared to the previous year.

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