70% of the budget, NIS 385 million, is designated for building advanced container terminals and breakwaters at the Ashdod and Haifa Ports.
The board of Israel Ports Development & Assets Company Ltd. has approved a NIS 525 million development plan for 2008. The plan will now be sent to the ministers of finance and transport for approval. Israel’s ports are suffering from a shortage of piers and rising waiting times for lading and unlading cargos.
Ports Development Company chairman Yiftach Ron-Tal said that 70% of the development budget, NIS 385 million, was designated for the construction of advanced container terminals and breakwaters at the Ashdod Port and Haifa Port. He said that the budget proposal reflected the Port Development Company’s assessment followed a cabinet decision earlier this year to invest $700 million in development of the country’s ports.
Port Development Company acting CEO Shlomo Briman said that planned port development expenditures would reach NIS 670 million in 2008 on the basis of the present budget and previously approved budgets.
Published by Globes [online], Israel business news - www.globes.co.il - on October 1, 2007
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