Timor-Leste Inaugurates New Tibar Bay Port
On November 30th, 2022, the Prime Minister, Taur Matan Ruak, and the President of the Republic, José Ramos Horta, officially inaugurated the Tibar Bay Port, the first Public-Private Partnership (PPP) project in the country.
The new and modern Tibar Bay Port, which replaces the Port of Dili, was built as a PPP between the Government of Timor-Leste, with a contribution of US$ 130 million, through the Viability Gap Fund (VGF), and Timor-Port, a subsidiary of Bolloré, which invested US$ 150 million. The total value of the initial phase is thus US$ 280 million, out of a total expected investment of US$ 500 million, over 30 years.
This new commercial port, built by China Harbour Engineering Company, a Chinese state-owned company, will improve Timor-Leste’s maritime connectivity in the Asia-Pacific region, link Timor-Leste to global trade markets, and increase the country’s commercial access to markets in areas such as agriculture, tourism, fisheries, livestock, and other industries – a way to allow Timor-Leste to diversify its production.
