Dubai(SD)-Dubai-based DP World has announced that the international banks have refused to lend them money after Djibouti’s decision to withdraw from their Port Doraleh.
DP World managing director Sultan bin Ahmed said the dispute with the Djibouti government has damaged the company’s credibility as well as its financing projects.
He said his company could no longer receive funds to finance projects in some countries after international banks refused to give them loans.
Banks are concerned about the assurance that the company’s contracts with governments to provide funds to fund projects.
Djibouti has expelled DP World, which has invested a large amount of debt in the port of Doraleh, which has led to the bank’s lost of confidence.
Djibouti’s decision followed a dispute between the company and the company that has reached a court level.
Somaliland is one of the countries that signed a long-term agreement with DP world, which may not get any investments.
This is a back way trick by Djibouti to undermine Somaliland yet again.
The DP world announcement for not having money to invest comes weeks after Djibouti resolved it’s issue with businessman Abdirahman Bore who was instrumental in the Berbera agreement.
Furthermore, Djibouti president also visited Guinea Conakry in order to under mind it’s relations with Somaliland, after that country extended he Somaliland president an official invitation to Visit.
Other then the UCID Chairman Faisal Ali Warabe, Somaliland leaders have yet to address the imminent threat posed by the Djibouti President Ismail Omar Guelleh.