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Loan to expand Tripoli Port, plans for a regional hub

15-11-2018

The Lebanese parliament approved on November 12 a draft bill related to the Islamic Bank loan worth of USD86 million to expand and develop the Tripoli Port, as well as the implementation by the Council of Development and Reconstruction. On the subject, the director general of Tripoli Port, Ahmad Tamer, said the loan will turn the facility into a strategic logistic location boasting the technology and infrastructure that equips it to be one of the most important ports, not only in Lebanon but also in the region. The loan, Tamer added, will be used to rehabilitate the infrastructure inside the port, including the roads network, bridges, car parkings, buildings, electronic equipment, laboratories and cargo. In a summary of the feasibility study, Tamer explained that the accommodation capacity of the port will be upgraded from 20,000 to 270,000 containers annually, pointing out that the projected port traffic planned by the consultant (Dar Al Handasah & Associates) has estimated the economic internal rate of returns (EIRR) at 39.8%, indicating good economic feasibility (More info on the following link: (https://bit.ly/2Fpvwp8). Tamer described the step as a historic achievement that would certainly transform the port of Tripoli into a sophisticated, multimodal and intelligent logistics venue. Similarly, in the efforts to support the northern capital, Al Diyar newspaper reported that the president of the Chambers of Commerce for Tripoli and the North, Tawfic Dabussi, plans to launch an investment undertaking through the construction of a seafront area extending (23 kms) from Tripoli Port to Tabaneh, Badawi, Deir Amar and Abdeh and connecting to the Kleiat airport. It is expected to play a pivotal role in the reconstruction of neighboring Syria and Iraq and a transit route to Arab Gulf, Turkey and European countries. This project will generate scores of jobs needed by Lebanon and the region, Dabussi said, adding that it will not cost the government much if in the framework of partnership between the private and public sectors. It also comes from the conviction of the advanced countries in its vitality, Dabussi maintained, revealing that the Chinese ambassador to Lebanon has assured him that it serves the Silk Road Initiative, and expressed willingness to contribute to its financing. (Al Diyar, AL Mustaqbal, November 11, 14, 2018)

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