MANILA - The Philippines’ biggest port operator said Tuesday it signed a contract to develop, operate and maintain a port in the Central African nation of Cameroon.
International Container Terminal Services Inc (ICTSI) said it has signed a concession contract with the Port Authority of Kribi to operate and maintain the Kribi Multipurpose Terminal (KMT) in Cameroon.
“With the signing of the contract, KMT, a subsidiary of ICTSI, is now the official concessionaire of the multipurpose terminal for the next 25 years,” ICTSI said.
KMT is a newly built deep-water port located 150 kilometers south of Cameroon’s largest city of Douala.
Kribi port is surrounded by the Kribi Industrial Area, a 262 square-kilometer zone destined to accommodate new industrial and logistical developments supporting the growing Cameroonian economy, the company said.
“Our purpose as a company is to make the Port of Kribi a driver for positive and sustainable growth, thus ICTSI will work diligently to partner the Cameroonian business community by providing efficient and safe port services,” said Hans-Ole Madsen, ICTSI Senior Vice President and Regional Head for Europe, Middle East and Africa.
The Philippine-based port operator said KMT was purposely built to handle multipurpose shipping services including roro, project and heavy lift cargo, forestry products, dry bulk and other general cargoes, and to offer support services to the oil and gas industry.
ICTSI, which is led by Filipino billionaire Enrique Razon, said it aims to double the size of the port by 2024.
“The expansion will include additional modern handling equipment, storage facilities and modern IT platforms,” he said.