Minister of the Sea, Ana Paula Vitorino, told reporters the tender offers a concession period of 50 years and construction of the terminal will require an investment of EUR642 million (US$707.8 million), reported Xinhua.

Out of the total investment, which will be made by private funds by the future concessionaire, it is estimated that EUR225 million will be spent on equipment and the remaining EUR417 million on infrastructure.

Ms Vitorino said that the tender will be awarded in the last quarter of 2020 and the terminal, which will have an annual container handling capacity of 3.5 million TEU, is targeted for completion in 2024.

It is expected that the new terminal will generate a total economic impact of EUR524 million and create 1,350 direct jobs in the exploitation phase.

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