Egypt gets $455m to build new container port

Egypt gets $455m to build new container port

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 […]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