HomeNewsInvestment agreement signed for Port of Djibouti regeneration project

Investment agreement signed for Port of Djibouti regeneration project

The Port of Djibouti regeneration project is set to benefit from the China Merchants Group, a multinational state-owned corporation of the People’s Republic of China, which offers freight forwarding, professional logistics, port transportation, and other services.

This is after the group signed with the government of Djibouti an investment agreement that will see the Port turned into a business district dubbed the East Africa International Special Business Zone.

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The agreement was signed on 29th Dec last year by Aboubaker Omar Hadi, the president of Djibouti Ports & Free Zones Authority (DPFA), and senior executives from the state-owned corporation of the People’s Republic of China.

About the Djibouti regeneration project

The implementation of the Port of Djibouti regeneration project begun sometime in October last year.

The project is set to be undertaken in six phases. The first will see the creation of an International Demonstration Area measuring approximately 220,500 square meters. It will include an exhibition Centre, a Centre of excellence for maritime studies, as well as conference rooms, a four-star hotel, and apartment buildings.

Also Read: Port of Djibouti regeneration project launched

This phase will solely cost approximately US$ 153M and is due to be completed within a span of 60 months from the day the construction works began.

Following the signing of the recent agreement, the chairman of DPFZA said on Twitter that the project would “profoundly transform our capital and create numerous economic opportunities in the years to come”.

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