East Africa's three-island Union of the Comoros has launched a US$137 million Maritime Corridor and Regional Trade Facilitation Project aimed at modernizing port infrastructure and boosting regional trade, reports Mumbai's Logistics Update Africa.

The project was inaugurated October 27 in Moroni by President Azali Assoumani. It is backed by the African Development Bank Group, which is providing a US$135 million grant from the African Development Fund and US$2 million from the Transition Support Fund.

Additional co-financing of over US$110 million is being contributed by the World Bank, Islamic Development Bank, French Development Agency, European Union and European Investment Bank. The Global Centre for Adaptation has supported climate risk assessments for the port infrastructure.

President Assoumani said the corridor symbolises Comoros' commitment to resilience, regional integration and global openness. He described it as a bridge for trade, cooperation and shared prosperity.

Comorian Minister of Maritime and Air Transport Yasmine Hassane Alfeine praised the African Development Bank Group as a strategic partner. She said the initiative marks a new phase in port modernization and could lead to the creation of a special economic zone.

Comoros is a leading producer of cloves, accounting for 71 per cent of its exports. It is also renowned for ylang-ylang essence, used in perfume and constitutes nine per cent of exports, as well as being the world's second-largest producer of vanilla, next to Madagascar, and accounts for four per cent of Comorian exports.