Beirut, Apr 10 (IANS): German companies have offered a project worth $5 billion to $15 billion for the reconstruction of Beirut's port which was damaged following the August 2020 twin blasts, Lebanese Public Works and Transportation Minister Michel Najjar said.

Najjar said on Friday that the project, expected to create 15,000 jobs, will create a commercial and tourist hub valued at $2.5 billion and secure revenues of millions of dollars for the government, Xinhua news agency reported.

The minister explained that the project will be based on a contract whereby private companies would finance the port's reconstruction and operate it for two or three decades before the government regains control.

The Lebanese German Business Council held a press conference on Friday in Beirut, where representatives of the German companies were given an overview of the project.

German Ambassador to Lebanon Andreas Kindl said that this initiative represents a serious approach to developing the port of Beirut and the surrounding area, including the old heritage parts destroyed by the explosions.

Two huge explosions ripped through the Port of Beirut on August 4, 2020, killing about 200 people, injuring at least 6,000 others and leaving 300,000 homeless.

A big part of the Lebanese capital was destroyed in the disaster.

Investigations pointed to the roughly 500 tonnes of ammonium nitrate left at the port as the cause of the explosions.