PIDG fills Shiprite funding gap ahead of financial close

Published scope and current milestone

AfDB approved USD 23.04 million in 2023 and set out a 200-metre jetty, 300,000 m3 of rock dredging and a 13,500-tonne floating dock. AfDB and Afreximbank announced the USD 94 million senior facility in June 2024. Interocean later used an 18,000 m2 reclaimed-area figure, while the lender releases cite 30,000 m2. PIDG's 1 June 2026 announcement adds USD 9.7 million and says the deal can now proceed to financial close and construction. Its portfolio page confirms the 25-year GPHA concession and more than USD 100 million of senior and mezzanine finance. The public record still lacks the close date, EPC and dredging appointments, dock builder, notice to proceed and first work on site.

Contract packaging and mobilisation implications

This is not the first time Shiprite has been described as fully funded. A USD 94 million senior facility agreement in June 2024 was presented as the full capital commitment, yet PIDG's 2026 entry was still needed to complete the stack. Contractors should now watch for drawdown and package awards rather than assume the jetty and dredging works are under way.