skip to Main Content
Financing Approved For New Damietta Port Infrastructure

Financing approved for new Damietta port infrastructure

Damietta, Egypt (PortSEurope) September 21, 2020 – A contract was signed last Thursday for the financing of the construction of a new multipurpose terminal in the port of Alexandria on Egypt’s Mediterranean coast. The project requires an investment of EGP 7 billion (€374 million) to build port infrastructure with a capacity of about 12 million tons of cargo annually. Work began earlier this year and the
terminal is expected to become operational in early 2022. The project will be financed with EGP 5 billion from a consortium of banks consisting of the National Bank of Egypt (NBE), Banque Misr and Commercial International Bank (CIB), together with EGP 2 billion from the Egyptian Group for Multipurpose Terminals (EGMPT). The terminal will cover an area of ​​over half a million m², have a quay line of about 2,500 metres with a depth of -17.5 metres. As a result, the new facility will have an annual traffic capacity of 1.5 million TEU containers, two million tons of conventional goods and 100,000 cars. Egyptian Group for Multipurpose Terminals is negotiating with international companies for the management of the new terminal. EGMPT is a public consortium comprising the Port Authority of Alexandria, the Suez Canal Authority, the Holding Company for Maritime and Land Transport and the Alexandria Container & Cargo Handling Co. Copyright (C) PortSEurope. All Rights Reserved. 2020.

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top