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CMA CGM COMMITS $800 MILLION INVESTMENT FOR MOMBASA PORT IN KENYA
DETAIL INFORMATION
CMA CGM revealed an investment of $800 million in the Port of Mombasa, Kenya. The agreement was finalized during the Africa Forward Summit in Nairobi earlier this week, co-hosted by France with President Emmanuel Macron present.
Funds will be allocated to enhance two Mombasa Container Terminals as the Kenyan port experiences rising cargo volumes. In the previous year, Mombasa Port processed 2.11 million TEUs, marking a 5.5 percent increase from the year before.
Due to these unprecedented cargo levels, Mombasa port is reported to be functioning at nearly its maximum capacity. This has led the Kenyan government to implement reforms, such as shifting the port to a landlord model. In April, the National Treasury announced that it had made various Kenya Ports Authority (KPA) assets available to private investors. These consist of Mombasa Port Container Terminal II (berths 20-22) and Mombasa Port Container Terminal (berths 23-24).