Be the first to know – Join our Facebook page
The groundbreaking ceremony for the construction of the road to be funded by the United Arab Emirates and the Abu Dhabi Fund for Development Construction Company was held on Thursday morning led by Somaliland president Muse Bihi.
Dubbed the Berbera Corridor, the cost of constructing the road was not immediately announced but representatives of the UAE Company said it will go into millions of dollars. It is expected to be complete in 22 months with
Somaliland President Muse Bihi and the country’s Infrastructure and Road Development minister Abdullahi Abokor said the corridor is bound to boost the economy and enhance trade with Ethiopia.
“This investment will bring economic stability and create employment opportunities for our youth,” the president said.
Minister Abokor stated the importance of the corridor saying it will transform trade between Ethiopia and his country.
Ethiopia expects the road to increase trade volumes with Somaliland by 30 percent.
There will be big opportunities for private sector to deliver solutions in our infrastructure,” the minister said adding that the aim of the project is to improve the socio-economic and integration of the horn of Africa and countries neighboring Lake Victoria.
President Bihi said Somaliland now enjoys a great relationship with its neighbors Kenya, Ethiopia, Djibouti and invited them to take advantage of the opportunities in Somaliland by investing in the free zone that is being built in Berbera alongside the expansion of the Port.
This is the second biggest investment in Somaliland after the US$442 billion expansion of the Port of Berbera by the Dubai Company DP World.
Be the first to know – Follow us on Twitter @Saxafi
The agreement created a new company that manages Berbera Port; the ownership shares of the company has been allocated with DP World taking 51% ownership of the company, Somaliland will own 30% of the shares, and Ethiopia will own 19% of the shares.