First-ever world bank 'Shariah-compliant' project---Djibouti

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http://www.ameinfo.com/143107.html

The $427m guarantee will support investments into a new container terminal in Djibouti, which is expected to significantly improve port facilities and help the country become a major business hub in East Africa.
The nation of Djibouti is strategically located on one of the fastest-growing East-West international shipping routes at the crossroads of Asia, Europe, the Gulf region, and East Africa. Development of the port and transport sector is at the heart of Djibouti's poverty reduction strategy.

The terminal is being developed jointly by Dubai Port World, one of the largest marine terminal operators in the world-and a state-owned port company. When construction is completed, the port will have an annual capacity of 1.5 million TEU (twenty-foot equivalent container units).

By improving container facilities in Djibouti, the project is expected to increase port traffic and open up new opportunities for investment and growth, includ-ing attracting other African countries to use the port as a gateway too. Cur-rently more than 85% of total traffic in the port is destined for, or origi-nates from, landlocked Ethiopia.

A state-of-the-art container terminal could establish Djibouti as a gateway for the Common Market for Eastern and Southern Africa (COMESA) members, and in light of trade flows through that part of the world, promote regional in-tegration through trade development.