Announcement of Guinea to Relieve Congestion in Conakry Port with IDA Support on June 9, 1983

. FOR IMMEPIA -f E RELEASE , .world Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.• Telephone: (202) 477-123~ 0 ---------------------------------~-~---- (! IDA r:mws RELEASE NO. '83/98 Contact: Pamc3tennan June 9, 1983 (202) 477-3293 GUINEA TO RELIEVE CONGESTION IN CONAKRY PORT Ii WITH IDA SUPPORT Perennial traf fie bot tlEfnecks and cargo loss at the Port of Conakry in the Revolutiort4:ty .People's Republic of Guinea will be reduced as a resu'.'lt of a project to be assisted by the International Development Association qDA). The World Bank's aff,iliate for concessionary lending announced today·· it is lending SDR 12.1 million ($13 million) for the project. · -, ' Located on the nort'h~ rn coast of the Tornbo Island area of Conakry, the port has night-time navigation problems due to poorly maintained beacons and buoys. Some quay facilities in the 38 hectare facility are potential hazards and inhibit efficient operations. · Total annual traffic is around 3 million tons. Popr cargo handling and security have resulted in damages and losses • due to pilferage. Financial holding costs have been high because of i nef fi ci enci es • The $38 million project will rehabilitate or replace port infrastructure and equipment and strengthen the newly established port ( ..... ,_, authority. Specifically, it will rehabilitate and repair cargo transit sheds, quays, aprons, and underwater surfaces. Workshops, the drainage system, buoys, and beacons will also be repaired. A container storage area will be constructed as well. Two harbor tugs, boats, and cargo handling equipment will be procured, and technical assistance for port operations and administrative systems will be provided. The project is expected to reduce freight costs, cargo damage and loss, and holding costs. It will also improve productivity as well as the management of the port. The African Development Bank is providing a loan of $14 million for the project, while the Krerlitanstalt f~·r Wiederaufbau (German Aid Agency) and Deutsche Gesellschaft fur Technische Zusammenarbeit (German Technical Cooperatio.n Agency) are giving grants of $6 million and $2. 7 million, respectively. The IDA credit is for 50 years, including 10 years of grace.; it carries no interest but has a small annual service charge (0.5% on the undisbursed balances of the credi\) and 0.75% on the disbursed balances) • • NOTE: IDA credits are denominated in SDRs (Special Drawing Rights) which are valued on the basis of a •vbasket" of currencies. The U.S. dollar equivalent of the SDR amount of the IDA credit reflects the exchange rates existing at the time of the negotiation of the credit.