Announcement of Six Hundred Thousand US Dollars Loan to Dakarmarine for a Ship Repair Engineering Project in Senegal on September 13, 1973

FOR IMMEDIATE RELEASE • 1818 H STRE.ET. N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 Bank Press Release No. 73/65 Subject: $0.6 million loan to Dakarm.arine September 13, 1973 for a ship repair engineering project in Senegal • The Bank has approved a $0.6 million loan to Soci6tl Pour le Dlveloppement de l'Infrastructure des Chantler& Maritimes du Port de Dakar (Dakarmarine) with the guarantee of the Republic of Senegal. The loan will h~lp cover the coat of· certain technical, market, and economic studies essential to determining t!ie feasibility of a project for the construction at Dakar of a drydock and ship repair yard capable of handling very large tankers and bulk carriers of up to 500,000 dead weight tons (DWT). The total cost of these studies is estimated at 4I US$3.09 million equivalent. In addition to the Bank loan, the financing will in- clude an equity contribution in Dakarmarine by the Government and the private sponsors, a participation by Fonds d 'Aide et de Coop&ration, (FAC) of France, and a participation by the European Investment Bank (EIB). The project envisages a ship repair yard built around two drydocks, one capable of handling ships of up to 500,000 DWT and the c;,ther, ships of up to 250,000 DWTo Other facilities would include four quays for repairs afloat, a ·,; deballasting station, breakwaters, space for a future third dock f,or one million DWT capacity, a large plate shop, machine shops and facilities for electrical work. < 'ftle studies will be carried out by Dakarmarine, a corporation founded by the .Government of Senegal, to carry out the original feasibility report and promote the project. The company is at present owned 511. by the Government of Senegal with the • remaining 49'9 held by other spon~ors • The Bank loan is for a term of 10 years, with four years of grace at 7 1/4% interest per annum. - 0 -