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Monday, September 5, 2016
Kenya inaugurated the first part of a new container terminal at Mombasa port on September 3. The port is expected to boost the cargo volume at the port by 50%.
The project was financed by a loan from Japan through the Japan International Cooperation agency (JICA), and Kenya will repay the loan over a 40-year period.
President Uhuru Kenyatta said the terminal heralded “a whole new era in the development of our ports and facilitation of the region’s international trade.”
The expanded port will play a big role in the oil and gas sect. A bigger cargo capacity for Mombasa was crucial because of the discovery of oil and gas in the region, he said.
The new terminal can handle 550,000 twenty foot equivalent units (TEUs) per year and will ramp up Mombasa’s existing annual cargo handling capacity from 1.05 million TEUs to 1.6 million TEUs.
“In five years’ time, we expect to have hit 2.5 million TEUs after completing the second phase,” Kenya’s finance minister, Henry Rotich, said.
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