A consortium of international institutions is supporting the development of a second container terminal in Damietta Port in Egypt, thus tripling the port's container capacity.
Damietta Alliance Container Terminals is a special purpose vehicle (SPV) established by Eurogate, Contship Italia, Hapag Lloyd, the MELC Group and Ship and C.R.E.W. to design, develop, operate, and maintain the terminal under a 30-year concession.
The financing package includes US$125 million from the European Bank for Reconstruction and Development (EBRD), US$120 million from the International Finance Corporation (IFC), US$100 million from the Asian Infrastructure Investment Bank (AIIB), US$60 million from the German development finance institution DEG, and US$50 million from Proparco.
Damietta Port is situated on Egypt's Mediterranean coast close to the Suez Canal, with direct road connections to Cairo, Alexandria, and the Nile Delta. The development of the terminal is being undertaken in response to growing demand for container traffic in Egyptian ports.
