The Israeli government has approved the sale of the Port of Haifa, its largest shipping, in a move that will see a private company invest $289 million (1 billion Israeli new shekels).

According to national media, the decision was taken by government’s ministry privatization committee on 22 January 2020.

The sale of the Port of Haifa will take approximately two years and the new owner will be given the concession until 2054.

As well as that, a container terminal is also under construction and is expected to commence operations during 2021.

Eshel Armony, chairman of the Haifa Port Board of Directors, was quoted in national media describing the sale’s approval as “an historic moment that comes after two years of intensive work and a long-term strategic process.”

Furthermore, Armony said the purpose of the privatization is to “enable Haifa Port to flourish in a competitive environment.”

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