Somaliland-(Berberanews)-Ethiopia has lost 19 percent of its stake in the port of Berbera over failure to fulfil conditions required to complete the ownership deal, the government of Somaliland has said.
This effectively reverses the agreement made in 2017 between Ethiopia, Dubai ports giant DP World and the Somaliland Port Authority on the Berbera port.
Somaliland Finance Minister Saad Ali Shire said, “Ethiopia failed to meet the conditions needs to acquire the stakes before the deadline. So it has no stake now, but it needs to note that ownership does not matter.”
According to the Minister, one of the requirements was financial contribution for the construction of the port which Addis Ababa failed to remit.
The two governments partnered with the DP World and the government of the United Arab Emirates to rebuild the port of Berbera, which plays a critical role in the maritime connections between the Horn of Africa and the Middle East.