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$455m int’l financing package to develop Damietta terminal under SDGs
A consortium of international institutions is supporting the development of a second container terminal in Damietta Port in Egypt with special focus on upgrading its environmental and social management system in line with the lenders’ environmental, health and safety guidelines and international best practice.
The financing package includes US$ 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 from the German development finance institution DEG and $ 50 million from Proparco.
The funding will help triple the port’s container capacity and improve its competitiveness.
Damietta Alliance Container Terminals is a Special Purpose Vehicle (SPV) 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.
Additional support will also focus on delivering a skills development program for people living in the Damietta region in partnership with local vocational schools with a focus on women’s participation in the work force.
The Damietta Port is an attractive shipping site in the Mediterranean and has a strategic location close to the Suez Canal, with direct road connections to Cairo, Alexandria and the Nile Delta.
The development of the terminal comes as a response to the growing demand for container traffic in Egyptian ports. This expansion will increase Damietta Port’s competitive position as a strategic hub in the East Mediterranean, in addition to providing the Egyptian market with more than 80,000 direct and indirect jobs by 2038.
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