The privatisation of the Kingston Container Terminal is a done deal.

The Transport Minister, Omar Davies, inked a 510-million US dollars deal with French-owned company Terminal Link/CMA CGM Consortium yesterday at Jamaica House.

It’s a 30-year concession agreement.

Dr. Davies said the government is divesting the facility because it’s not in a position to afford the “additional debt of that magnitude” that’s needed for the expansion of the facility.

He said that after the improvement works have been completed, the facility will be able to accommodate post PANAMAX or medium-sized cargo vessels.

The Port Authority of Jamaica CEO, Professor Gordon Shirley — who participated in the signing — said that most of the current employees will be re-employed and will be exposed to the best technologies and techniques.