29197 - Togo LCT

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Summary of Proposed Investment

Project Number

29197

Company Name

SOCIETE LOME CONTAINER TERMINAL

Date SPI Disclosed

Nov 2, 2010

Country

Togo

Industry

Infrastructure

Projected Board Date

Jan 28, 2011

Status

Active

Sector

Port and Harbor Operations

Department

Gbl Infrastructure & Natural Resources

Environmental Category

A - Significant

Previous Events

Approved : Jan 6, 2011
Signed : Jun 30, 2011
Invested : Dec 21, 2012

Project Description

Lomé Container Terminal (LCT) SA (“LCT” or the “Company”), a locally incorporated company, was awarded a 35 year concession on December 2008 (the “Concession”) by the Government of Togo (“GoT” or the “Government”), with an optional 10 year extension, to develop, construct and operate a greenfield container terminal (the “Terminal”) within the Port of Lomé (the “Port”) in Togo (the “Project”). Upon completion, the Terminal is expected to have an estimated handling capacity of up to 1.5 million twenty foot equivalent unit (“TEU”) moves per annum. Further expansion of the Terminal, south of the newly constructed port basin is envisaged in the longer term.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	116.21
Equity

Development Impact

The Project will combine deep water location advantages, with state-of-the-art container handling equipment, and world class management know-how to create the first modern container transshipment hub in West and Central Africa (“WCA”) capable of handling today’s larger container ships. This will allow shipping lines to deploy larger container vessels in WCA, avail the region to scale benefits enjoyed elsewhere in the world, and significantly lower transport costs to the Terminal’s users. The Project will result in the expansion of Togo’s maritime sector, stimulate competition in the regional shipping and logistics market and potentially catalyze further regional integration. In addition, the Sponsor will bring port operation and management know-how to Togo, resulting in an upgrading of the skills of the local workforce.

IFC is expected to provide long term funding and mobilize funds which are critical to the long term nature of the Project, but unavailable in the commercial market. Moreover, IFC’s support of an international player in the port sector making a significant investment in infrastructure is important given that Togo is a small country that has been starved of FDI over the last decade. The Project’s success will not only encourage further investment in the infrastructure sector in Togo but is likely to have a regional impact as other regional port operators look to improve their infrastructure and improve services. IFC is also assisting the Company in implementing sustainable environmental and social practices that will benefit the Project, the Government and the people of Togo.

IFC''s appraisal of the Environmental and Social (E&S) issues for this project, which is located within the perimeter of the Port of Lomé, outlines a Government led physical and economic displacement of 175 market gardeners and 1,494 sand miners. On the environmental side, potential impacts on the nest sites of IUCN-listed tortoises and a 6.5 hectare area of particular ecological interest, which comprises of mangroves, have been identified. These issues are considered significantly diverse and potentially irreversible impacts; as such the Project has been categorized as A under IFC’s Environmental and Social Review Procedure.

For Further information on detailed E&S impacts and key mitigation measures please refer to the ESRS.

Contacts

For Inquiries About the Project, Contact

Kenneth Peire
Manager Civil Engineering
Terminal Investment Limited
P.O. Box 812
4600 AV Bergen op Zoom
The Netherlands

kpeire@tilgroup.com
Phone: +31 (0) 164 274 677
Fax: +31 (0) 164 274 698

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Local Access of Project Documentation

LOME CONTAINER TERMINAL (LCT) SA
eiescomments@lct-togo.com
Zone Portuaire
Route d’Akodesséwa – 09 B.P. : 9103
Lomé,
TOGO

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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