Challenge
Gabon is the world’s fourth largest producer of manganese, an essential ingredient in steel used in infrastructure as well as batteries needed for the clean energy transition. As the country’s oil reserves decline, Gabon is seeking to diversify its exports and strengthen its economy in which one third of the population lives below the poverty line and approximately 20 percent are unemployed.
Solution and Impact
Five years ago, DFC committed $5.8 million of political risk insurance to support the construction of a mineral and specialized bulk terminal port in the coastal city of Owendo, to expand import and export capacity. DFC’s reinsurance is supporting Chubb European Group SE, which is insuring Meridiam Africa Infrastructure Investments, the owner of a 25 percent stake in the new Gabon Special Economic Zone, or GSEZ Mineral Port.
The GSEZ Mineral Port has been developed in stages and as new port capacity came online, export demand has grown. Today, the port’s capacity, which was initially designed for two million tons, has more than tripled to seven million tons, and is operating near full capacity.
This project was profiled in 2024.