Standard Bank enables funding for dredging the port of Maputo’s access channel
Taking advantage of its expertise, knowledge and vast experience in the infrastructure sector, Standard Bank structured and financed the Maputo Port access channel dredging operation.
project of 85 million US dollars, out of which 35 million were made available by Standard Bank and 20 million from MPDC (Maputo Port Development Company) and the remainder from another financial entity, dredging of Maputo port infrastructure lasted 8 months.
This venture covered an area of 76 kilometers, having mobilized four modern dredges which removed 14 million cubic meters of sand and stone from the sea.
As a result of the deepening of the access channel to 14 meters below hydrographic zero, the Maputo Port now has the capacity to receive large vessels (capesize) and the capability of loading up to 120 thousand tons.
The involvement of Standard Bank in this project was described by it’s Corporate and Investment Banking Director, Carlos Madeira, as being part of the Bank’s commitment to the country’s social and economic development: “Dredging of the Maputo Port is of the utmost importance, in the attracting of greater maritime traffic volume to Mozambique”, emphasized Carlos Madeira.
He also clarified that Standard Bank has been involved in socio-economic projects for more than one century in Mozambique, be it through funding, structuring of operations and fundraising, as well as technical assistance.
Still on this subject, MPDC’s executive director, Osório Lucas, stated: “Standard Bank addressed MPDC always presenting solutions for challenges which we faced at that moment. They stopped being just service providers and took on the role of business partners, within 12 months”, he stated.
In his opinion, Standard Bank has a team of young managers, focused in promoting customized solutions and always ready to listen to client challenges. It is, as highlighted by Osório Lucas, a flexible team qualified to satisfy the needs of customers, ensuring a high level of execution of projects.
“Standard Bank’s team showed understanding and mastering of our business, that is why i believe we have created a base for a solid and successful partnership in all our investments", he stated.
With dredging of the access channel, from -11 meters to up to -14.4 meters, including expansion of the channel, the Maputo Port has become more competitive in regional and international markets.
The multiplier effect of this investment will see an increase of cargo volumes moved, through the Port of Maputo, with an increase in the port’s revenue.