Sao Tome, Sao Tome and Principe, 4 Aug – The government of Sao Tome signed an accord Friday with Terminal Link of France, a unit of the CMA CGM group, to build a deepwater port in the archipelago.
The contract was formalized by Sao Tome’s infrastructure minister, Benjamin Vera Cruz, and Farid Salem, deputy chairman of CMA CGM. The new port facility will handle containers and is being built at Fernao Dias, 10 kilometers north of Sao Tome city.
Under its accord with Sao Tome, CMA CGM, the world’s third biggest container operator with total share capital of US$ 11 billion, will undertake technical viability and environmental impact studies over the coming two to four yeas.
The French firm will require a further four years to finish the port project, valued at US$ 400 million and funded entirely by private investors.
Sao Tome’s deepwater port, with a total area of 80 hectares, is expected to transform the islands’ economy and make the country a regional maritime transport hub. (macauhub)