Skip to content Skip to Search
Skip navigation

Egypt gets $455m to build new container port

By Pramod Kumar
The proposed initiative for an industrial zone on the Mediterranean coast aims to position Egypt as a manufacturing and export hub for Chinese products Reuters/ Suez Canal Authority
The proposed initiative for an industrial zone on the Mediterranean coast aims to position Egypt as a manufacturing and export hub for Chinese products

A consortium of international institutions will provide $455 million in funding for a second container terminal in Damietta Port in Egypt, which will triple the port’s container capacity.  

The financing package will be provided to Damietta Alliance Container Terminal (DACT), a joint venture between German, Italian and Egyptian companies, European Bank for Reconstruction and Development (EBRD) said in a statement.

The funding includes $125 million from EBRD, $120 million from the International Finance Corporation, $100 million from the Asian Infrastructure Investment Bank, $60 million from the German development finance institution DEG and $50 million from Proparco. 

The Damietta Port is a shipping site in the Mediterranean close to the Suez Canal, with direct road connections to Cairo, Alexandria and the Nile Delta.  

The development of the terminal comes due to the growing demand for container traffic in Egyptian ports.

This expansion will position Damietta Port as a strategic hub in the East Mediterranean and provide the Egyptian market with more than 80,000 direct and indirect jobs by 2038. 

Since 2012, the EBRD has invested close to €11.2 billion in 170 projects in Egypt, with almost 80 percent in the private sector.

Latest articles

The National Bank of Bahrain says its bitcoin fund will protect investors from losses

Bahraini bank launches Gulf’s first bitcoin investment fund

The National Bank of Bahrain has launched a bitcoin-pegged structured investment product, aimed at targeting growing demand for the cryptocurrency among institutional investors in the Gulf countries.  The fund, developed in partnership with digital asset firm ARP Digital, will offer investors access to any rise in bitcoin’s price, capped within a predetermined threshold, and guarantee […]

2HK6351 Message about discount, fashion blog, modern shopping and cashback, shopping and lifestyle When completed, U Walk Qassim will have capacity for 135 shops

Cenomi Centers sets up fund to complete Qassim mall

Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead.  Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […]

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED 71.5 billion

UAE announces largest-ever budget for 2025

The UAE has approved its largest-ever national budget for the fiscal year 2025, with spending set to hit AED71.5 billion ($19.5 billion), after capital expenditure increased by nearly half in the early part of this year. The government expects to match the 2025 expenditure with AED71.5 billion in revenues over the same period. Social Development […]

chicken exports

Gulf’s taste for chicken boosts Brazilian exports

Saudi Arabia and the UAE has helped Brazil record the second-highest volume of chicken meat exports in a single month. Shipments of chicken from Brazil in September increased 17.6 percent to the United Arab Emirates and 5.9 percent to Saudi Arabia. Brazil, the world’s largest supplier of chicken meat, exported 485,000 tonnes in total last […]