Lenders to participate for Damietta port second container terminal project in Egypt

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The Damietta Port Authority (DPA) has granted a senior loan of up to US$125 million in favour of the Damietta Alliance Container Terminal (Borrower), a special purpose vehicle established to develop a second Container Terminal (CT II) in Damietta Port in Egypt.

The loan forms part of a financing package totalling US$455 million, which is expected to be jointly funded by the Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions und Entwicklungsgesellschaft (DEG), the International Finance Corporation (IFC), and Proparco. This funding initiative will facilitate the construction of the superstructure, acquisition of cargo handling equipment, and the operation of a new CT II situated within the existing and operational Damietta port. The infrastructural aspects, such as dredging and quay wall construction for CT II, are currently overseen by the DPA. The project will play a pivotal role in advancing the development of CT II's superstructure and equipment, ultimately bolstering Damietta Port's competitiveness. Furthermore, this endeavour encourages private sector involvement in the infrastructure domain, positioning Damietta Port as a strategic transhipment hub in the Eastern Mediterranean.

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