The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, said it has provided its first-ever guarantee for Shariah-compliant project financing

The $427m guarantee will support investments into a new container terminal in Djibouti, which is expected to significantly improve port facilities and help the country become a major business hub in East Africa.

The nation of Djibouti is strategically located on one of the fastest-growing East-West international shipping routes at the crossroads of Asia, Europe, the Gulf region, and East Africa. Development of the port and transport sector is at the heart of Djibouti's poverty reduction strategy

The terminal is being developed jointly by Dubai Port World, one of the largest marine terminal operators in the world-and a state-owned port company. When construction is completed, the port will have an annual capacity of 1.5 million TEU (twenty-foot equivalent container units).

Full Story...

Posted by dcjaya at January 6, 2008 8:22 PM