THE construction of the NAD3 billion (US$245.8 million) container terminal at Walvis Bay is on track, says Namport CEO Bisey Uirab, reports the Windhoek Namibian.

"Construction is 25 per cent complete. Commissioning of the project is expected to occur in September 2017," he told the Namibian.

The funding of the project is being provided by the African Development Bank (NAD$2.9 billion) the government (NAD725 million) and NAD525 million from Namport cash reserves.

"The Port of Walvis Bay will command a significant market share of the regional seaborne trade after completion. However, it should be noted that all ports in the SADC [Southern African Development Community] region are in the process of developing and expanding," he said.

Mr Uirab said so far about 2.9 million cubic metres have been dredged and used for land reclamation. A total of 3.9 million cubic metres will have been dredged at the end of the project. "Project commissioning is set for September 2017," he said.

On completion, Walvis Bay will have a 750,000-TEU capacity a year from 350,000 TEU today.