Gabon Special Economic Zone Ports (GSEZ Ports) has secured long-term debt finance of EUR 305 million (US$ 340.50 million) from PIDG company and the Emerging Africa Infrastructure Fund (EAIF) for the new port development project at Owendo. Owendo is a port city ion Gabon. The GSEZ ports will be responsible for the 30-year concession to build and operate the new port.

Apart from its sole mandated lead arranger role, EAIF is lending the company EUR 40 million (US$ 44.66 million) over 15 years, on a first ranked basis. The African Development Bank (AfDB), which led the structuring of the finance, is lending an additional EUR 40 million (US$ 44.66 million).

Gabon’s port capacity at Owendo and developing the special economic zone (SEZ) are key elements in the country’s drive to diversify its economy, reduce logistics costs for Gabon businesses and expand the non-oil sectors. GSEZ is also the developer of the Gabon Special Enterprise Zone. GSEZ Ports is a  wholly-owned subsidiary of the Gabon Special Economic Zone. The shareholders include Olam International (40.5%), Gabonese Caisse des Depots et Consignations (CDC) owned by the Republic of Gabon (38.5%) and Africa Finance Corporation (21%).