Israel approved the Haifa Port privatization plans. The new owner will have to invest around NIS 1 billion in the port, including the cost of upgrading infrastructure, as well as financing the layoff of about 200 workers.
The investor will take full control of the northern port from the government-owned Haifa Port Company, with the sale expected to be completed within two years. The new owner is expected to operate the port until 2054.
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In addition, a new container terminal is also currently being built at the Port of Haifa, which is planned to begin operations during 2021. The Bayport Terminal will be operated for 25 years by Chinese company SIPG.
Finally, in order to boost the partial privatization of Israel Post, the committee also voted to allow private investment in the company. As such, the government is expected to invite bids in March 2020, aiming to sell up to 40% of its shares in Israel Post.
