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Egypt secures more than $1bn to build and develop its ports

Reuters/Tatiana Meel
Trade minister Mehmet Mus said the majority of the economic impact due to earthquakes was reflected in February and March

Egypt has secured investments of over $1 billion from two global port operators as the country aims to strengthen its logistics network.

Hutchison Ports will invest nearly $700 million in two major Egyptian ports, taking its total investment in the country to over $1.5 billion.

The investment includes the development of a new container terminal in Ain Sokhna Port with a capacity of 1.7 million TEUs (twenty-foot equivalent units). 

In addition, the company will invest in the development of B100, a new container terminal in Port of Alexandria, which will serve as a gateway to the Egyptian market.

Separately, China’s Cosco Shipping Ports Limited (CSPL) announced acquiring a 25 percent stake in the Sokhna new container terminal for nearly $375 million.

The new terminal will be constructed and operated by a terminal company formed by industry entities, including CSPL.

The operating period for the project is 30 years, and the throughput capacity after completion will reach 1.7 million TEUs.

Earlier this month Saudi shipping giant National Shipping Company (Bahri) signed a memorandum of understanding with Egypt’s Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil.

Bahri and the authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish an Egyptian joint-stock company which will own, lease, charter and operate vessels.