International consortium backs Damietta port in Egypt

• Financing will also support vocational training for residents living near the port with a focus on creating gender inclusive jobs. 

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.  

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 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.  

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.  

Since 2012, the EBRD has invested close to €11.2 billion in 170 projects in Egypt, with almost 80 per cent in the private sector.