DP World helps develop African infrastructure
Maputo Port Development Company (MPDC), owned in part by Dubai firm DP World, and South African company Grindrod, have announced $1 billion investment over the next 20 years to improve infrastructure in Mozambique's main port.
In January, MPDC had released that it would be investing $750 million, but that figure was upgraded last Wednesday, according to international news provider Reuters.
Speaking to Reuters, MPDC chief executive Dave Rennie, said: "We think that it is a good time to invest because the demand is there and what we need to do is to create the gateway, developing the infrastructures to take commodities to the market."
The proposed upgrade is expected to expand opportunities in the developing markets of China and India. Currently, Maputo Port’s main cargo currently comprises of coal, iron-chromium, containers, sugar and fruit.
The development could see cargo processing capacity grow to 8.7 million tons per year in 2043, according to maritime website Dredging today.com.
In a released statement, DP World - which listed with the London Stock Exchange late last week, announced that they will continue to support the development plan.
“We are committed to meeting the growing demand for the expansion of port facilities in Maputo. We have a robust long term plan in place together with our partners in Maputo to cater for our customers’ needs and the economic growth of Maputo.”