Bollore Africa Logistics is to invest €500 in Berbera

[yawle]

ADDIS ABABA - French company Bollore Africa Logistics is to invest €500-million in the Somali port of Berbera, a crucial lifeline for landlocked Ethiopia, a diplomat said Wednesday.

Berbera, less than 300 kilometres east of the former French colony of Djibouti, faces Yemen on the Gulf of Aden and is the economic capital of Somaliland, a breakaway state more stable than the rest of Somalia.

"Bollore is about to invest €500-million in Berbera port to improve the port and create a new corridor to the hinterland.

Ethiopia is very excited about that," a French diplomat based in Addis Ababa said.

"The project is not completely finalised, but Bollore has a huge presence in West Africa and is interested in East Africa," the diplomat said on condition of anonymity.

The company is part of a group owned by Vincent Bollore, a leader in West Africa's ports sector and close friend of French President Nicolas Sarkozy.

Somalia has the longest coastline on the continent and forms the "horn" of Africa, which juts out into the Indian Ocean and Gulf of Aden and commands access to some of the world's busiest maritime trade routes.

Ethiopia has had good relations with the self-proclaimed government of Somaliland and is heavily reliant on the port of Berbera for supplies.

The Bollore group confirmed to AFP in Paris it was interested in the project but did not elaborate further.

"We have not made an offer yet and no amount has been agreed," a spokesperson said.

[Goljano Lion]

that is good news for Somaliland

[yawle]

500 EUROS is like 750 USD. That is not too bad at all.

[Advo]

looool

what a dumb asses, do u really think that money is gonna go to right places?

It will be directly pocketed but that's better than nothing.

[Goljano Lion]

looool

what a dumb asses, do u really think that money is gonna go to right places?

It will be directly pocketed but that's better than nothing.

of course some of the money will go to the usual suspects, but look at the project..most of the investment will be beneficial for Berbera port as a whole, Somaliland needs this type of foreign investment, Today, if you look at Africa’s foreign investment is based on the extraction of oil, minerals and other natural resources, with little local processing plants or factories. But attracting these types of investments adds value to Somaliland’s economy and increase economic development

[Advo]

Yhh berbera needs it, I heard it's a ghost town now but projects like that would make people flock to it again.

[Goljano Lion]

Yhh berbera needs it, I heard it's a ghost town now but projects like that would make people flock to it again.

i hope so