International consortium backs Egypt’s Damietta Port with $455M financing package
An international consortium of international institutions is backing the development of a second container terminal in Egypt’s Damietta Port with a financing package worth a total of $455 million to Damietta Alliance Container Terminals, according to a press release sent to Arab Finance.
The consortium is comprised the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), the German Investment Corporation (DEG), and Proparco.
The financing package includes $125 million from EBRD, $120 million from IFC, $100 million from AIIB, $60 million from DEG, and $50 million from Proparco.
Under the project, the Damietta Alliance Container Terminals will develop its environmental and social management system as per the lenders’ environmental, health, and safety guidelines and international best practice.
Damietta Alliance Container Terminals is a special purpose vehicle (SPV) that has been established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group, and Ship & C.R.E.W to design, develop, operate, and maintain the terminal under a 30-year concession.
Developing the terminal comes as a result of the growing demand for container traffic in Egyptian ports.
This expansion is set to boost Damietta Port’s competitive position as a strategic hub in the East Mediterranean.
The project will offer more than 80,000 direct and indirect jobs by 2038.
