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news China Merchants signs US$350 million deal for Shekou-style revamp of Djibouti port The Port of Djibouti, which is more than a century old, is being redeveloped. Photo: AP China s biggest port operator has moved to consolidate its foothold in Djibouti after it agreed a financing deal with the East African nation to turn its Port of Djibouti into an international business hub. China Merchants Group signed the US$350 million investment deal with state-owned company Great Horn Investment Holding on December 29, paving the way for the revamp of the port, which is more than a century old. Located in Djibouti City, the US$3 billion project is to be modelled on the southern Chinese port of Shekou in Shenzhen that is integrated with a free-trade zone and business centre. State-controlled China Merchants played a key role in Shekou s development.

Red seaDjibouti generalHong kongAddis ababaGreat horn investment holding onFree zones authorityChina merchants ports holdingsChina development bankChina exim bankChina merchants groupEast africanMerchants groupGreat horn investment holdingDjibouti cityChina merchantsGlobal impact