Leading terminal operator International Container Terminal Services Inc. (ICTSI) has been selected as preferred bidder for the development and management of the Port of Kribi, Cameroon.
The 25-year concession for the newly built terminal, which is projected to become a major logistics hub in Central Africa, was agreed on June 14, 2019.
With 265 metres of berth and 10 hectares of yard, this multipurpose facility is set to play an important role across the entire region.
According to a statement from the Philippine News Agency, this transaction is also expected to increase the presence of ICTSI in Africa, the operator already managing the Madagascar International Container Terminal, ICTSI DR Congo S.A, and Africa Gateway Terminal in Sudan.
In a disclosure to the stock exchange on June 17, 2019, an ICTSI spokesperson said: “On 14th of June 2019, ICTSI has been declared preferred bidder for the concession of the development, operation and maintenance of the Multi-Purpose Terminal of the Port of Kribi by the Port Autonome de Kribi.
“Parties will now engage in exclusive concession contract negotiations ahead of final contract signature.”
The Port of Kribi is part of larger industrial area which is currently supporting new infrastructure development to drive economic growth in the Cameroon-Chad-Central African Republic (CAR) Corridor.