CMA CGM is to invest €130 million on an extension of Malta Freeport and will create 500 new jobs within five years, Public Investments and IT Minister Austin Gatt has announced.
He said the Freeport will be extended through land reclamation in two areas. The company will extend the marshalling yard and also dredge the fairway to enable larger vessels to use the port. Dr Gatt said throughput by Malta Freeport is anticipated to rise to over three million TEUs (containers) from just under two million last year.
The extension of the Freeport through reclamation is subject to parliamentary approval, Dr Gatt said.
CMA CGM is ranked as the third biggest container shipping company worldwide. It was granted the right to operate and develop Malta Freeport under a 30-year privatisation deal signed in October 2004. That agreement is to be extended.
He said the Freeport will be extended through land reclamation in two areas. The company will extend the marshalling yard and also dredge the fairway to enable larger vessels to use the port. Dr Gatt said throughput by Malta Freeport is anticipated to rise to over three million TEUs (containers) from just under two million last year.
The extension of the Freeport through reclamation is subject to parliamentary approval, Dr Gatt said.
CMA CGM is ranked as the third biggest container shipping company worldwide. It was granted the right to operate and develop Malta Freeport under a 30-year privatisation deal signed in October 2004. That agreement is to be extended.