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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.

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