A shipping line to handle the movement of goods between member states of ECOWAS, West Africa’s sub-regional group will start operations by the end of 2011, a consultant working on the $61.5 million project has disclosed.
When it starts operation, it is believed that the shipping line, Sealink initiated by the Nigerian Export-Import Bank (NEXIM), will promote economic integration among member countries within the West Africa regional group.
According to a report by Nigeria’s Vanguard, Mr. Tidiane Traore, management consultant of the project during a meeting of the NEXIM and the Federation of West African Chambers of Commerce (FEWACC) in Abuja said the project will involve a Special Purpose Vehicle which will be incorporated within the next three months.
The publication cites Mr. Traore as saying that “Transportation of our goods by sea will make us to be more competitive. We will need $60 million to finance the project and out of this amount, 60% would be raised through equity while 40% ($24 million) will come through debt.”
An additional $1.5 million would be used for promoting the idea within the sub-region, he adds.
By Ekow Quandzie