Cameroon: South Korea to Invest USD 220 M in Limbe Port

South Korea will invest $220 million to refurbish a port in the Atlantic coastal town of Limbe, to expand the shipment of goods in and out of Cameroon, as well as landlocked Chad and the Central African Republic.

The rebuilding of the port is a public-private joint venture between South Korea and Cameroon, with the financing taking the form of a Build, Operate and Transfer contract, giving South Korea the authority to manage the port for 30 years before handing it over to Cameroon, the west African country’s minister of transport, Robert Nkili, said.

Work on the port will start June 2014 and is scheduled to be completed in 2018.

Mr. Nkili said he signed the contract for the project Friday, along with Sang Ki-Yi, president of the Limbe Port Industrial Development Corp., and the port’s general manager Jeawon Lee.

The signing was witnessed by South Korea’s ambassador to Cameroon, Cho June Hyuck.

Officials at the South Korean Embassy in Yaounde were unavailable for comment.

The port will serve not only Cameroon to transport minerals, oil and food to and from Cameroon and other brotherly nations, it will ease the anchoring of petroleum ships for repairs coming from other countries,” said Mr. Nkili.

The Limbe seaport will supplement Cameroon’s existing seaport in Douala, which currently handles 90% of maritime transport for Cameroon, Chad and CAR. The Douala port has become expensive to run, as it frequently fills with sand and requires dredging to enable ships to anchor.

Cameroon has secured over 500 billion CFA franc ($1.03 billion) from China’s Eximbank to build another deep seaport in Kribi, a coastal town 300 kilometers from Yaounde.

The Kribi port will become operational by June 2014 and will facilitate exports of crude oil from Chad and Niger, as well as Cameroonian iron ore to be produced by Australia’s Sundance Resources Ltd.

Press Release, November 5, 2013

 

Share this article

Follow Dredging Today

One thought on “Cameroon: South Korea to Invest USD 220 M in Limbe Port”

Comments are closed.

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

22nd World Dredging Congress & Exposition (WODCON XXII)

The event is being organized by the World Organization of Dredging Associations (WODA), China Dredging Association (CHIDA) and Eastern…

read more >

DREDGING FOR SUSTAINABLE INFRASTRUCTURE

The two-day-long programme offers six highly interactive sessions with contributions from internationally…

read more >

2nd Island and Marine Development Middle East Conference

Join companies including Meraas Holding; Aldar Properties…

read more >

Second Hydraulic Engineering Structures and Dredging Congress

The Congress is organized by the leading maritime industry media group PortNews…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below....

apply

Dredging jobs in Abu Dhabi at NMDC

National Marine Dredging Company “NMDC” aims to be the largest dredging player in the Arab’s Gulf region...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of DredgingToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply