• The Signing of Escrow Agreement Between the Government of Timor-Leste and TIMOR PORT, S.A. with UNITED OVERSEAS BANK LIMITED

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The Signing of Escrow Agreement Between the Government of Timor-Leste and TIMOR PORT, S.A. with UNITED OVERSEAS BANK LIMITED

Timor-Leste has taken a major step in the implementation of the Concession Agreement (CA) for the construction and operation of a new international container port at Tibar Bay following the Signing of Escrow Agreement between the Ministry of Finance and Ministry of Public Works, Transport, and Communications, representing the Government of Timor-Leste (GoTL), Timor Port, S.A. and United Overseas Bank Limited (UOB) – the Escrow Agent, on 28 November 2016.

As per the CA, the Escrow Agreement represents a key milestone progress in the execution of the Viability GAP Funding (VGF) in the amount of US$ 129.45 million by the GoTL in contribution to the total investment of US$278.3 million during construction phase. This achievement shows the commitment of the Government to the construction of a modern port. It also culminates careful and continuous plan, preparation and engagement led by the Ministry of Finance, through its PPP & Loans Unit, in close collaboration with the Ministry of Public Works, Transport and Communications and the Ministry of Planning and Strategic Investment.