Construction of Sao Tome and Principe deep water port may begin this year

16 July 2010

Sao Tome, Sao Tome and Principe, 16 July – The French consortium that signed a concession contract with the Sao Tome and Principe government to build a deep water port is expected to secure funding “within a few weeks,” a source from the French embassy said in Sao Tome Thursday.

Jack Cuzzi, the French business attache in Sao Tome and Principe, said that the concession-holder would soon secure the necessary funding to begin construction of the deep water port, which will be built in Fernão Dias, 15 kilometres north of the country’s capital.

Construction of the deep water port was due to begin over a year ago, but was successively delayed due to the international financial crisis.

The consortium that signed the concession is made up of three companies, one of which is Terminal Link, and which have the European Investment bank (EIB), the African Development bank (ADB) and the World Bank as some of the partners in this project estimated to cost US$570 million. (macauhub)