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A consortium of international institutions is supporting the development of a second container terminal in Damietta Port in Egypt, which will triple the port’s container capacity and improve its competitiveness, said European Bank for Reconstruction and Development (EBRD) .
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.
The financing package includes:
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.
According to EBRD, 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 & indirect jobs by 2038.