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Djibouti president receives report on "Free Trade Zone" megaproject

Xinhua, May 11, 2016 Adjust font size:

Djibouti President Ismail Omar Guelleh on Monday met with Justin Yifu Lin, a former deputy president of the World Bank, who currently heads Peking University's Center for New Structural Economics.

Lin, who was accompanied by a large delegation, handed over to Guelleh the report on the megaproject dubbed "Djibouti Free Trade Zone."

The report concerns Djibouti's plans to construct a new industrial zone entirely funded by a Chinese company, China Merchand Holding, at a total of 7 billion U.S. dollars.

Dedicated to industry and trade, the megaproject which will be constructed continuously for the next ten years, will support activities in sectors ranging from manufacturing, transport, electronic trade and regional distribution, conference facilities and international exhibition, residential housing, hotels and tourist centers as well as a park for the petroleum industry.

According to Djibouti port authorities, this megaproject will help to create over 200,000 direct and indirect jobs.

A statement released by the Presidential Press Service said Guelleh was satisfied by Lin's explanations of the project. Endit