Lebanon Awards CMA CGM Contract for Beirut Port Container Terminal

Lebanon Awards CMA CGM Contract for Beirut Port Container Terminal

Lebanon has awarded France's CMA CGM (CMACG.UL) a contract for the management, operation and maintenance of the container terminal in the port of Beirut for 10 years, Public Works and Transport minister Ali Hamie told Reuters on Thursday.

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.