September 9, 2009
Government of Benin signs Concession Agreement for new container terminal at the Port of Cotonou
Before beginning construction on the Port of Cotonouâ€™s new South Wharf, MCC required the Government of Benin to turn over operation of the new terminal to the private sector. In September 2009, the Government of Benin signs a 25-year concession agreement with Groupement BollorÃ©, a private sector firm.
The International Finance Corporation advised the Government of Benin on this transaction, which was structured in less than eight months from kickoff to signatureâ€”a record-setting performance for the industry.
Groupement BollorÃ© commits to pay $200 million in fees over the first eight years of operations, and to invest a minimum of $256 million in operating equipment and civil works over the life of the concession. The expected results include creation of more than 450 jobs, increased competitiveness of the Port of Cotonou, doubling of container traffic in the first eight years of operation, and increased opportunities to develop external markets.