EBRD to Approve $125 Mln Loan to Damietta Port’s 2nd Terminal Project in OctoberSource: www.export-egypt.com 8/20/2023, Location: Africa |
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The European Bank for Reconstruction and Development (EBRD) is set to approve a $125 million loan to build a second container terminal for Egypt's Damietta Port on 4 October, according to the bank's website.
The loan is part of a $455 million financing package to be co-financed by the Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions und Entwicklungsgesellschaft (DEG), the International Finance Corporation (IFC), and Proparco. In May 2022, an agreement was signed between the Damietta Port Authority (DPA) and Damietta Alliance Container Terminal to build the superstructure of the second container terminal, to be named Tahya Misr 1. The Damietta Alliance Container Terminal consists of three core shareholders: Germany’s Eurogate, Contship Italia and Hapag-Lloyd. Egypt is moving towards greater involvement of the private sector in national projects, according to its State Ownership Policy Document. The country has also recently taken serious measures to improve the business and investment climate. The EBRD's Vice President for Banking Alain Pilloux stated in March that the bank expects to invest $1.4 billion in Egypt in 2023. Since 2012, the EBRD has invested over €10.4 billion in more than 160 projects in Egypt, with almost 55 percent of its portfolio invested in sustainable infrastructure. |
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