Port of Quelimane

active

In 2004, Government of Mozambique (GoM) awarded a 25 year concession for the port of Quelimane in central Mozambique to Cornelder Quelimane (CQ), a joint venture between the Dutch company Cornelder B.V. and CFM (Mozambique’s state owned port and railway administration). CQ took over the Quelimane Port from CFM in March 2005. Cornelder was the majority stakeholder in CQ with a 51% stake, while the balance was held by CFM. Cornelder committed to invest US$ 16.7 million to rehabilitate the port. Of the US$ 16.7 million, US$ 14.464 million was secured as soft loans from KfW and US$ 1 million as share capital. Under the concession agreement, CQ had to pay a fixed annual fee to the GoM - US$ 60,000 for years two and three (with year one as the grace period), which gradually increased to US$ 250,000 by year seven and was capped at that level with periodical adjustments for inflation. CQ also paid a variable fee based on gross revenues. None None