The maritime industry in Africa may see a ‘maritime development bank’ be introduced to assist in financing the industry.

One of the outcomes of the African Maritime Administrations and Ship Registrars’ conference in Mombasa was that the bank would greatly help in growing the industry.

The conference was on efforts to implement the African Maritime Transport charter developed by the African Union.

During the conference the issue was raised that unlike in other sectors, banks in Africa do not favour the idea of purchasing ships, which is vital for sustainable growth as using foreign fleets is very pricey.

Transport PS Cyrus Njiru closed the conference attended by Kenya Maritime Authority Director General Nancy Karigithu and several maritime industry chief executive officers from about 30 African countries.

According to Maritime Organisation of West and Central Africa (Mowca) technical director Mamadou Mariko, the introduction of such a bank is necessary.

He said the bank would provide funds for individuals, institutions and organisations in the maritime sector.

Mr Mariko said funds would be used to acquire ships, finance shipbuilding and repair, offshore handling equipment, stevedoring equipment, cargo forwarding logistics and construction of port infrastructure. He said Mowca has since 2006 been pursuing the establishment of its maritime development bank. “The purpose of such bank is to provide sustainable financing for maritime projects and programmes,” he said.