DACT enter a global partnership to secure funding for Damietta’s 2nd cargo terminal

Cairo – December 21, 2023: Damietta Port Authority (DPA) and Damietta Alliance Container Terminals Company (DACT), in collaboration with a global partnership led by the International Finance Corporation (IFC) and HSBC Egypt, have signed an agreement to facilitate funding $455 million for the construction of Damietta Port's Second Container Terminal, and known as Tahya Misr 1.

The financing package includes $125 million from the EBRD, $120 million from the IFC, $100 million from the AIIB, $60 million from the DEG and $50 million from Proparco.

The consortium of multilateral banks involved in this syndicate includes the European Bank for Reconstruction and Development (EBRD), IFC, Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions und Entwicklungsgesellschaft (DEG), and Proparco, the private-sector investment arm of the French Development Agency.

The signing ceremony witnessed the presence of Minister of Transport Kamel Al-Wazir, Minister of International Cooperation Rania Al-Mashat, and German Ambassador to Cairo Frank Hartmann.

Al-Mashat highlighted the collaborative efforts of development partners in promoting the localization of Egypt's train industry. This endeavor aligns with the state's vision of advancing domestic industries, reducing imports, and fostering increased private sector engagement in the country's overall development.

In November, as part of the government's commitment to establishing strategic logistical corridors and positioning Egypt as a global center for trade and logistics, the country signed a total of 13 agreements with local and international companies during the TransMEA conference 2023.

These agreements encompass a wide range of sectors, including maritime transport and ports, trade, dry ports, green transportation, and logistics zones.