Construction underway on $962 million Ivory Coast terminal, canal project

Construction began on Tuesday for a $962 million four-year project in the Ivory Coast.

The project will build a second container terminal as well as widen the part of the canal leading to the main port in Ivory Coast's capital city, Abidjan, one of the most active ports in sub-Saharan Africa.

The construction contracts for both projects were awarded to China Harbour Engineering Co. Ltd., and the majority of the costs associated with the projects will be funded through a loan from China’s Eximbank.

The container terminal construction, managed by a consortium led by France’s Bolloré, is expected to take four years and cost $461 billion. It is anticipated that this part of the project will increase Abidjan's container traffic from 1.2 million TEU to 3 million TEU by 2020.

In addition, the upgrades to the canal linking the port to the Atlantic Ocean are expected to take three years.

The Ivory Coast is French-speaking West Africa’s largest economy and is the world’s top cocoa producer.