NEWS Puntland Minister - Puntland Govt Is Garacad Port Largest Shareholder

[DR OSMAN]

 

[DR OSMAN]

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.

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

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]

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.

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

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.

 

[Macawisley]

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

It’s always the landlocked ones that try and block the development of Puntland and other coastal states.