This will advance the state’s vision towards localizing the industry, reducing imports, and increasing the private sector’s participation in development
Damietta Port Authority (DPA), Damietta Alliance Container Terminals Company (DACT) along with a global partnership headed by the International Finance Corporation (IFC) and HSBC Egypt signed agreement to enable the provision of $455 million to finance the construction of the Second Container Terminal Tahya Misr 1 in Damietta Port.
The consortium of multilateral banks involved in this syndicate comprises the European Bank for Reconstruction and Development (EBRD), IFC, Asian Infrastructure Investment Bank (AIIB), development finance player Deutsche Investitions und Entwicklungsgesellschaft (DEG), and Proparco, the private-sector investment arm of the French Development Agency.
The financing package includes $125 million from the EBRD, $120 million from the IFC, $100 million from the AIIB, $60 million from the DEG and $50 million from Proparco.
The signing ceremony was in the presence of Minister of Transport, Kamel Al-Wazir, Minister of International Cooperation, Rania Al-Mashat, German Ambassador to Cairo, Frank Hartmann.
Al-Mashat pointed to the efforts of development partners to localize the train industry in Egypt. This will advance the state’s vision towards localizing the industry, reducing imports, and increasing the private sector’s participation in development.
Recently in November, within the scope of the government's willingness to implement a number of logistical corridors making Egypt a global center for trade and logistics.
Egypt signed a total of 13 agreements with local and international companies on the third day of the TransMEA conference 2023. These agreements span across the fields of maritime transport and ports, trade, dry ports, green transportation and logistics zones.
