The Board of Directors of the African Development Bank Group has approved a US$135 million funding package for the Union of the Comoros, marking its largest-ever investment in the Indian Ocean archipelago.
This funding aims to support a significant maritime and regional trade initiative.
The Maritime Corridor and Regional Trade Facilitation Project (PACMFCR) will focus on extending and modernizing two crucial ports in the Union of Comoros and establishing a special economic zone, essential for the economic growth of the islands.
The project is funded through a US$133 million grant from the African Development Fund, the concessional arm of the African Development Bank Group, and an additional US$2 million grant from the Transition Support Facility, which aids countries in transition.
The Union of the Comoros has three ports located in Moroni (Grande Comores), Mutsamudu (Anjouan), and Boingoma (Mohéli). Approximately 90% of freight to and between these islands is transported by sea.
Despite significant potential in the blue economy sectors like fisheries, agriculture, and tourism, the Comoros faces major structural challenges, particularly the poor quality of port infrastructure, leading to high business costs and increased vulnerability to external shocks.
The project aims to enhance the Comoros’ national and international connectivity by upgrading port infrastructure, promoting regional integration, and fostering an ecosystem conducive to value chain development.
Co-financing for the project will come from several institutions, including the European Investment Bank, the World Bank, the Islamic Development Bank, and the Agence Française de Développement.
“The project, which has just been approved by the Boards of Directors of the Bank Group, aims to increase the capacity and efficiency of the ports of Moroni and Boingoma to meet current and future needs. It will help develop local value chains in fisheries and agriculture sectors and facilitate inter-island and regional trade. This is a flagship project of the Plan Comores Émergent, which will certainly help to improve the living conditions of the Comorian population and reduce Comoros’ vulnerability to climate change,” stated Nnenna Nwabufo, the Bank’s Director General for Eastern Africa.
The port of Moroni will be expanded with a new 240-meter quay, and the port of Boingoma will receive a 136-meter quay to accommodate ferries and fishing boats.
To bolster regional trade, the project will support customs administration modernization, the establishment of a national single window for trade and business facilitation, and the development of a special economic zone to enhance import and export logistics.
The project will also enhance the country’s agricultural potential by leveraging improved port infrastructure.
