The African Development Bank (AfDB) Group’s Board of Directors has approved a $135 million grant to the Union of the Comoros to promote a major international and regional trade initiative.
The project is partially supported by a $2 million grant from the Transition Support Facility, a Bank Group facility for transitional nations, and a $133 million grant from the African Development Fund, the African Development Bank Group’s concessional window.
The Union of the Comoros is served by three ports: Moroni (Grande Comores), Mutsamudu (Anjouan), and Boingoma (Mohéli).
The Comoros archipelago’s three islands are connected by waterway for approximately 90 per cent of all freight.
READ: Red Sea crisis overwhelms African port operations
The AfDB noted that the development of this potential is impeded by substantial structural difficulties, particularly weak port infrastructure, which results in high business costs and increased vulnerability to external shocks.
The project’s goal is to increase the Union of the Comoros’ national and international connections by modernising port infrastructure, encouraging regional integration, and establishing an ecosystem that encourages value chain growth.
The Bank’s Director General for Eastern Africa, Nnenna Nwabufo, said: “The project, which has just been approved by the Boards of Directors of the Bank Group, aims to increase the capacity and efficiency of the ports of Moroni and Boingoma to meet current and future needs.
“It will help develop local value chains in fisheries and agriculture sectors, and facilitate inter-island and regional trade. This is a flagship project of the Plan Comores Émergent, which will certainly help to improve the living conditions of the Comorian population and reduce Comoros’ vulnerability to climate change.”
In the realm of port development, Hassan Allam Holding recently landed a major contract to develop the Port of NEOM, situated in Oxagon, northwest Saudi Arabia.
