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Ethiopia hopes to buy into projected DP World terminal in Somalia
ETHIOPIA is negotiating to buy shares in a projected joint venture involving DP World to manage a container port in northern Somalia, said a Somali official, reports Bloomberg.
Such a development would give the fast-growing yet landlocked Horn of Africa economy its first stake in world trade.
Somaliland, a semi-autonomous territory that aspires to statehood, has agreed "in principle" to give Ethiopia a 19 per cent share in the venture administering Berbera port, according to Foreign Minister Saad Ali Shire.
Somaliland's government and Dubai-based DP World, which has a 30-year concession to manage and develop the facility, will be the majority shareholders in Somaliland-registered DPW Berbera, he said in an interview.
Such a development would give the fast-growing yet landlocked Horn of Africa economy its first stake in world trade.
Somaliland, a semi-autonomous territory that aspires to statehood, has agreed "in principle" to give Ethiopia a 19 per cent share in the venture administering Berbera port, according to Foreign Minister Saad Ali Shire.
Somaliland's government and Dubai-based DP World, which has a 30-year concession to manage and develop the facility, will be the majority shareholders in Somaliland-registered DPW Berbera, he said in an interview.
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