On the 30th of November, the Prime Minister, Taur Matan Ruak and the President of Timor-Leste, José Ramos Horta, officially inaugurated the Tibar Bay Port, the first public-private partnership (PPP) project in the country.
The Tibar Bay Port was built as a PPP between the Government of Timor-Leste, which contributed US$130 million through the Viability Gap Fund (VGF) and Bolloré, which invested US$150 million. The total value of the initial phase is US$280 million, amount of a total investment of US$500 million.
This new commercial port, built by China Harbour Engineering Company, a Chinese state-owned company, will improve Timor-Leste’s maritime connectivity in the Asia-Pacific region, linking Timor-Leste to global trade markets.
(Source: Transport and Business)