Announcement of Senegal Borrows Six Million Dollars for a Fishing Port Project on April 21, 1977

-N'orlrl Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. • Telephone: (202) 393-6360 BANK NEWS RELEASE NO. 77/88 APRIL 21 , 1977 SENEGAL BORROWS $6 MILLION FOR A FISHING PORT PROJECT 'i'he World Bank today announced the approval of a loan of $6 mi 11 ion for the Dakar fishing port project. The Arab Bank for Economic Development in Africa (BAOEA) and the French Caisse Centrale de Cooperation Economlque (CCCE) are lending $13.2 million for the project. Construction works under the $24 million project are designed to eliminate the present congestion at Dakar's fishing port, and to provide adequate berthing facilities for both domestic and foreign industrial fishing fleets. Satisfactory completion of the proposed works will help the Govern- ment fulfill its objective of developing the industrial fishing sector and • expanding local processing activities to increase exports of fish and fish productso The project also includes technical assistance to the Port of Dakar to strengthen management, operations, planning, and accounting systems for the fishing port, and consulting services to carry out a container study and to establish a plan of action for development of the fisheries sector. The World Bank loan of $6 million is on "Third Wfnd°"n terms. It will carry interest at 4.20% per annum. An additional 4% will be paid to the Bank by the lntere~t Subsidy Fund, representing the difference between the Bank's current interest rate and the charge to Senegal. The BADEA loan of $7.2 million is for a period of 20 years, including 5 years• grace with interest at 5%; and the CCCE loan is also for 20 years, including 4 years' grace with interest at 5.5% per annum . • ------------------------------------- NOTE: Money figures are expressed in U~S. dollar equivalents FOAM NO. 1121 (5-76) T E CHN I CA L D A T A PROJECT: COUNTRY: TOTAL COST: Dakar Fishing Port Senegal $24 mi I 1 ion • BANK FI NANC I NG : $6 mi 11 ion loan on "Thi rd Wi ndcw 11 terms OTHER FINANCING: The Arab Bank for Economic Development in Africa; the French Caisse Centrale de Cooperation Economique; the Port Autonome de Dakar; and the Government of Senegal. IMPLEMENTING ORGANIZATrnN: Port Autonome de Dakar Cable Address: PORCOMER Boulevard de la liberation Dakar P.O. Box 3195 Te 1ex No. 406 Dk a ar, Senega 1 PROJECT DESCRIPTION: (i) Civil works (including consulting services for supervision) for: (a1 construction of about 1,r:;r,o m. of new berth face~ (h) reclamation of about 10.5 ha .. land; (c) paving of the reclaimed areas and installation of ancillary services; (d) demolition of the existing slipway and associated buildings;and {e) construction of the main access road to the new fishing port; (ii) technical assistance for (a) man·agement, operations, and planning for the fishino port; (b) introduction of analyti- cal accounting procedures and preparation of a cost-based tariff structure; and (c) intro- 11 duction of an ad valorem 11 tariff structure for fish traffic; (iii) consulting services~ (a) study and define the needs of the port of Dakar for handling container ships, and ou~ line the development of container port facilities and equipment required to handle future container traffic adequately and competitively; and (b) study in depth the current situa- tion in industrial and traditional fisheries and related activities, and then establish a coherent plan of action for development of the sector over the next ten years. PROCUREMENT: Contracts will be awarded on the basis of international comoeti- tive bidding in accordance with Bank guidelines. CONSULTANTS: Consultants for construction suoervision, technical assist~nce, and studies will be selected in a~reement with the Bank. ECONOMIC RATE OF RETURN: 23 % ESTIMATED COMPLETION DATE: 1981 - 0 - •