ICTSI to Boost Presence in Africa with Cameroon Port Concession
- Business & Finance
The Philippines-based port management company International Container Terminal Services (ICTSI) has secured the right to develop a multipurpose terminal at the Port of Kribi, Cameroon.
On June 14, 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the terminal by the Port Autonome de Kribi, the company said in a stock exchange filing.
The parties will now engage in exclusive concession contract negotiations ahead of final contract signature.
As informed, the 25-year concession contract is valid until 2045.
Located in Cameroon, Central Africa, the Port of Kribi is a newly built port with a deep draft. The multipurpose terminal consists of 265 meters of berth and 10 hectares of yard.
Kribi Port is surrounded by the Kribi Industrial Area, a land intended for accommodating new industrial and logistical developments supporting the Cameroon-Chad-Central African Republic (CAR) Corridor economic growth.
With the newest agreement, ICTSI is to expand its footprint in Africa. The company already operates Africa Gateway Terminal in Sudan, ICTSI D.R. Congo S.A. and Madagascar International Container Terminal.