Investment for Berbera Port Expansion Dropped by 23pc

DP World and Somaliland Port Authority have reduced the investment for the expansion of Berbera Port by 23pc. The price adjustment came into the scene after the update of the feasibility study of the project, in which Ethiopia holds a considerable stake. The initial pricing was made by a European consulting firm and is estimated to be 260 million dollars. Hence, the two parties made the re-assessment that reduced the amount to close to 200 million dollars. “The re-assessment was amended as the initial one was made a couple of years ago,” Abdi Abdillah Hassen, deputy manager of Somaliland Ports Authority told Fortune. On the port, Ethiopia recently acquired a 19pc stake while the UAE based DP World and Somaliland hold a 51pc and 30pc stake, respectively. In the partnership, Ethiopia is committed to constructing the 271Km road between the