Shipping group CMA CGM said on Thursday it will invest $33 million as part of a 10-year contract it won to operate the container terminal at Lebanon’s Beirut port.
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The contract award was announced earlier on Thursday by Lebanon’s public works and transport minister following a tender process.
A huge explosion at the port in 2020 killed more than 200 people and damaged entire neighborhoods, deepening Lebanon’s worst political and economic crisis since the 1975-1990 civil war.
“The contract includes $33 mln that will be paid by CMA CGM to develop the work inside the port,” the minister said, without revealing more details about the contract terms.
CMA CGM is controlled by the French-Lebanese Saade family and the group joined French President Emmanuel Macron in relief efforts in Beirut following the explosion.
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