Egyptian company signs deal to develop major Lebanon port
Lebanon signed an agreement with an Egyptian company on Tuesday to develop the country's second largest port.
Egyptian company 'Arab Contractors', which won the tenders in late July this year, will be responsible for development at the three million square metre Tripoli port.
"Today, the contract for the first phase was signed for the port of Tripoli’s development," Cairo’s ambassador to Lebanon, Yasser Alwi, said during the signing ceremony in Beirut on Tuesday.
"This is a strategic Egyptian decision to support Lebanon, and to put all Egyptian capabilities at its disposal," Alwi said.
Arab Contractors is to fully develop and construct new administration buildings for Lebanese customs, the military, and firefighters. The tenders also cover new storage areas, secure logistical areas, roads, and other infrastructure. All parts will be linked to a central control room.
The $87 million project will be funded by the Saudi-based Islamic Development Bank.
At the start of this year, global container transportation and shipping company CMA CGM selected the port as a main terminal in the Eastern Mediterranean for its maritime routes, using it for local cargo and transshipment operations.
Located roughly 30 kilometres south of the Syrian border, Tripoli's port temporarily became Lebanon’s main harbour after Beirut port suffered a devastating blast last summer in which more than 200 people were killed.