Ethiopia and Dubai’s DP World signed a US$1B deal to develop trade and logistics corridor
Ethiopia’s Ministry of Transport and Dubai’s DP World signed a US$1B deal to develop the road linking Berbera in Somaliland into a trade and logistic corridor.
In a statement from DP World, it said that together with its partners they plan to invest up to$1 billion over the next 10 years to develop supply chain infrastructure along the corridor which will include warehouses, cool and cold chain depots, dry ports, container yards, silos, freight forwarding and clearing activities.
DP World committed to investing up to US$442M to expand and develop the corridor with the first phase nearly completed. The quay will also be expanded to 1,000 metres which will increase capacity to 2 million TEUs (twenty-foot equivalent units) which are operated by 10 quay cranes.
Ethiopia’s Minister of Transport, Dagmawit Moges and DP World’s chairman and chief executive Sultan Bin Sulayem signed the agreement in Addis Abba Ethiopia.
While speaking during the signing ceremony, Mr Bin Sulayem said that developing the corridor into one of the major trade and logistics corridors will unlock huge economic benefits for the country.
Source: Further Africa