JICA signs loan for new container terminal
The Japan International Cooperation Agency (JICA) has signed a Sh24bn (US$261m) loan agreement with the Kenya Ports Authority for the second phase at the Port of Mombasa. The project will see construction of a new container terminal along with new cargo-handling equipment.
The project is a response to a tripling in container volume at the port over the past decade, from 300,000 teu in 2002 to 1m teu last year. It is predicted that the demand will continue to increase, with a projection of more than 2.6m teu by 2025.
The Kenyan government is currently moving forward with preparations to have the private sector handle operations at the new terminal, which will be the first agreement of its kind in Kenya.
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