Djibouti’s state-owned logistics and transportation infrastructure investment vehicle, Great Horn Investment Holding (GHIH), has secured a $120 million financing package from the African Export-Import Bank (Afreximbank) to implement a series of oil and logistics projects in the Damerjog Industrial Development Free Trade Zone.
The financing for the project involves a combined package of $120 million from the African Export-Import Bank (Afreximbank) and $35 million from the local banking institution Banque pour le Commerce et l’Industrie Mer Rouge (BCIMR) of Djibouti.
This funding will support the completion of the Damerjog Oil Jetty Terminal and the construction of a 150,000m³ oil storage depot.
“The establishment of a jetty and bulk port in the Djibouti Free Trade Zone will add significant value to Djibouti’s role as a trans-shipment hub for neighboring landlocked countries,” said Benedict Oramah, President & Chairman of Afreximbank.
The construction works for the Djibouti project will be carried out by SOMAGEC, a Moroccan firm, as part of the financing deal and Afreximbank’s Intra-African Trade Champion program, aimed at supporting African companies in securing contracts across the continent.
According to GHIH Chairman, Aboubaker Hadi Omar, the project will not only facilitate the movement of petroleum products for regional energy security but also attract new investments to Djibouti. By providing marine services to Ethiopia, South Sudan, and Somalia, the project aims to drive gross domestic product growth in line with Djibouti’s vision to become a regional logistics hub by 2035.
