The $1.1 billion Ndayane deepwater port, which will be built in partnership with DP World, is finally set to begin construction after a delay of more than a year. The port, which would be situated just south of Dakar, would be DP World's largest port investment in Africa.
The Senegalese government and DP World laid the first stone, which they claimed marked the start of the port's construction a year ago. After deciding to increase Senegal's stake in the project from 10% to 40%, the government failed to provide its share of financing for the project, leaving implementation in limbo a year later.
The port, which is intended to strengthen Senegal's position as a major trade hub and gateway to West Africa and Northwest Africa, will begin construction this month, according to Macky Sall, the president of Senegal.
Sall declared at the opening of the Second Dakar Financing Summit for Africa's Infrastructure Development in the nation's capital, Dakar, "We have lifted all the constraints linked to financing, and the state has met all its obligations so that this major project can start."
The port of Ndayane is expected to relieve pressure on the port of Dakar, which has been struggling with congestion and inefficiencies, as it is the largest single private investment in Senegal's history. The new port will be close to the Blaise Diagne International Airport and about 30 miles from Dakar.
When it is finished in 2026, Ndayane will be a modern deep-water port with up to 10,000 feet of quayside. It will be put into action in two stages. The facility is anticipated to boost Senegal's appeal to foreign investors, create new jobs, and open up significant economic opportunities for local businesses.
The construction of a container terminal with a 2,750-foot quay and a brand-new three nautical miles of marine channel designed to accommodate two 1,100-foot vessels simultaneously is the first phase, which is expected to cost $837 million. It will have the capacity to handle the world's largest container ships and increase annual container handling capacity by 1.2 million TEUs.
An additional 1,350-foot container quay will be constructed in phase 2, which will be carried out at a cost of $290 million. Additionally, DP World intends to establish an integrated multimodal transportation, logistics, and industrial hub next to the port and the Blaise Diagne International Airport.
Currently, Senegal imports and exports from the port of Dakar. Additionally, the port is a gateway to neighboring landlocked nations like Mali, which gets two-thirds of its trade from Dakar.
The African Union's chairman, Sall, says that the continent is having a hard time financing its infrastructure. This problem is made worse by high interest rates because people think the continent is a risky place.
According to the World Bank, the deteriorating state of the infrastructure in many parts of Africa slows annual economic growth by two percentage points. They claim that business productivity has decreased by 40% as a result of the ripple effect.