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Dubai: The port of Djibouti in East Africa has won two international awards for project financing. The Project Finance magazine awarded the Africa Transport-Ports Deal of the Year 2007 to the port and Malaysia's Islamic Finance News presented Djibouti with Best Country Deal award for the Doraleh container terminal financing.
The Port of Djibouti is managed by DP World in a joint venture partnership with the Djibouti government. It is developing the new Doraleh terminal, where operations are due to begin early next year.
The development is being financed through a Sharia-compliant financing arrangement. In January, the World Bank provided its first-ever guarantee for Sharia-compliant project financing.
The $427 million guarantee supports investments into the new container terminal, which is expected to significantly improve port facilities and help the country become a major business hub.
Abdourahman Boreh, chairman of Djibouti Port and Free Zone Authority, said, "We are delighted Djibouti has been recognised with these awards. They reflect the success of our partnership with DP World."
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