Somalia: Puntland Parliament endorses P&O Ports agreement
GAROWE, Puntland- Lawmakers of Somalia’s northeastern region of Puntland, have endorsed the recent agreement signed between Puntland government and P&O Ports in last April, Garowe Online reports.
The $ 336 Million joint venture to develop and manage Bosaso Port was passed in favor by majority of the state MPs who were present at the session held on Thursday.
Prior to the voting session, caretaker Minister of Ports and Marine Transportation, Saed Mohamed Rage, was called before the Parliament to highlight about the deal and obstacles that could rise from the agreement with P&O Ports.
However, Rage indicated to the state lawmakers that the region will greatly benefit from the development of infrastructure, which will generate employment and open trade opportunities for the region.
Subsequently, a brief multimedia show was displayed to the Parliament revealing the phases the project will take place to develop the Port to the its full capacity.
According to the agreement, P&O Ports has won a 30-year concession for the management and development of a multi-purpose port project at Bosaso. The approximate investment for the modern multi-purpose facility will be $ 336 Million divided into two phase. $ 136 Million in the first phase and $ 200 in the second phase.