Algeria and China to build $3.3 billion mega sea port
The agreement was signed between Algeria's Transport Ministry, China Harbour Engineering Company (CHEC) and China State Construction Engineering Corporation (CSCEC) in Algeria.
Under the deal, the two sides will create a consortium company to build the port, some 60 km west of the capital Algiers.
Creation of the company is expected to finalize later in March 2016, with the approval from the Council of State Shareholdings and the signature of its shareholding pact.
The port will have 23 docks capable of processing 6.5 million 20-foot containers and 26 million tons of goods per year.
According to forecasts by Algeria's Transport Ministry, port traffic in the country's central region is expected to hit 35 million tons or two million 20-foot containers per year by 2050.
The project is planned to complete within seven years, and gradually put into service within four years with China's Shanghai Ports Group ensuring its management. ■