A consortium of international organizations is supporting the development of a second container terminal at Egypt's Damietta port, which will triple the port's container capacity and improve its competitiveness, according to the European Bank for Reconstruction and Development (EBRD). ..
Damietta Alliance Container Terminals is a special purpose vehicle ( SPV).
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 Asian Infrastructure Investment Bank (AIIB);
- $60 million from German development finance institution DEG;
- 50 million from Proparco.
The Port of Damietta is an attractive maritime hub in the Mediterranean, strategically located close to the Suez Canal and with direct road links to Cairo, Alexandria and the Nile Delta.
The development of this terminal is in response to the growing demand for container transport in Egyptian ports.
According to the EBRD, the expansion will increase the competitiveness of the Port of Damietta as a strategic hub in the Eastern Mediterranean, in addition to providing more than 80,000 direct and indirect jobs to the Egyptian market by 2038.