Puntland Minister - Puntland Govt Is Garacad Port Largest Shareholder

DR OSMAN

AF NAAREED
VIP
Puntland Govt Owns $20 million Dollars of Shares in Garacad port. This isn't a 'mudug' port, this is a Puntland port no different to Bosaso.
 
It's different to Bosaso in that Bosaso Port is wholly owned by Puntland, whereas Garacad Port is a Public- Private Partnership- it has shareholders that are Puntites.


However, how it is managed and secured will be the same as Bosaso Port.


What the Minister said:


  • Puntland Govt owns the land, paid the initial 20 Million Dollars and also pays for security.
  • The company that is managing the construction of the port is Wadaagsin Company, that's where Puntite shareholders fall under.
  • It's not a private port owned by Reer Mudug-Reer Garacad, shareholders come from Bari, Nugaal and Mudug.
  • Once completed, Puntland's Government will collect the revenue and Wadaagsin will collect the Port Service Charge to recoup the investment costs and I assume make profit for private shareholders.
  • The construction company that is building the port is Turkish and the companies making sure it meets the relevant standards are British.
 

repo

Bantu Liberation Movement
VIP
I fast forwarded to the development part. He said the Chinese MOU for Eyl fishing port and road to Garowe was blocked by the FGS. Its construction is dependent on a new FGS. There's also a fishing jetty and market designed for Bosaso for the export market. It is funded by the international community.
 
I fast forwarded to the development part. He said the Chinese MOU for Eyl fishing port and road to Garowe was blocked by the FGS. Its construction is dependent on a new FGS. There's also a fishing jetty and market designed for Bosaso for the export market. It is funded by the international community.

Farmaajo and his cult are so spiteful and short-sighted, Allah willing the next administration approves this project and others that they are blocking.
 
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