(IN BRIEF) An international consortium of institutions is lending vital support to the development of a second container terminal at Damietta Port in Egypt, a project set to triple the port’s container capacity and enhance its competitiveness. The project is led by Damietta Alliance Container Terminals, a Special Purpose Vehicle (SPV) established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group, and Ship & C.R.E.W, operating under a 30-year concession to design, develop, and maintain the terminal. The financing package includes contributions of $455 million from various institutions, with the European Bank for Reconstruction and Development (EBRD) providing $125 million, the International Finance Corporation (IFC) $120 million, the Asian Infrastructure Investment Bank (AIIB) $100 million, the German development finance institution DEG $60 million, and Proparco $50 million. Part of the project’s scope involves developing an environmental and social management system that aligns with environmental, health, and safety guidelines and international best practices. Additionally, efforts will focus on implementing a skills development program in collaboration with local vocational schools, with a particular emphasis on promoting women’s participation in the workforce. Located strategically near the Suez Canal, Damietta Port’s expansion aims to meet the growing demand for container traffic in Egyptian ports, positioning it as a pivotal hub in the East Mediterranean and creating over 80,000 direct and indirect jobs in Egypt by 2038. The EBRD, which has invested nearly €11.2 billion in 170 projects in Egypt since 2012, has played a significant role in supporting private sector development in the country.
(PRESS RELEASE) LONDON, December 22, 2023 – /EuropaWire/ – A consortium of foreign institutions is supporting the construction of a second container terminal at the port of Damietta in Egypt, which will triple the port’s container capacity and competitiveness.
Damietta Alliance Container Terminals is a special purpose vehicle (SPV) created through Eurogate, Contship Italia, Hapag Lloyd, MELC Group and Ship.
The financing package includes $125 million from the European Bank for Reconstruction and Development (EBRD), $120 million from the International Finance Corporation (IFC), $100 million from the Asian Infrastructure Investment Bank (AIIB), $60 million of dollars. from the German financial company DEG and 50 million dollars from Proparco.
As a component of the project, Damietta Alliance Container Terminals will expand its environmental and social control formula in accordance with environmental, suitability and protection standards of lenders and foreign practices.
It will also fund the implementation of a skills enhancement programme for other people living in the Damietta region, in collaboration with local vocational schools, focusing on women’s participation in the labour market.
The Port of Damietta is a major seaport in the Mediterranean and enjoys a strategic location near the Suez Canal, with direct road connections to Cairo, Alexandria and the Nile Delta.
The progression of the terminal responds to the growing demand for container traffic in Egyptian ports. This expansion will strengthen the Port of Damietta’s competitive position as a strategic hub in the Eastern Mediterranean, as well as offering the Egyptian market more than 80,000 direct connections. and indirect jobs until 2038.
Since 2012, the EBRD has invested around €11. 2 billion in 170 projects in Egypt, of which around 80% are in the personnel sector.
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SOURCE: EBRD
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