Japan Sets Aside USD 280 Million for Nacala Port Project
The government of Japan has agreed to provide Mozambique with a USD 280 million loan for the second phase of the Nacala Port Development Project, the allAfrica daily reports.
The memorandum of understanding was signed in Maputo yesterday, bringing Japan’s total contribution to the rehabilitation of the northern deepwater port of Nacala to USD 380 million.
Japan’s final loan to the Nacala port project has a repayment period of 30 years, with a 10-year grace period, and an interest rate of 0.01%.
The port of Nacala is currently ranked third in terms of cargo handling and container handling among Maputo, Beira and Nacala, principal commercial ports of Mozambique. The port has a natural depth of 14m, and is expected to became a gateway to the Nacala corridor.
It is estimated that the implementation of the project will triple the port’s capacity to 4,738,000 tons of cargo and 234,000 TEUs by 2019.
World Maritime News Staff