Mamish: EBRD approves $300M loan for desalination plant

CAIRO – 5 December 2017: European Bank for Reconstruction and Development (EBRD) approved a loan of $300 million for the establishment of a water desalination plant in Ain Sokhna, Egypt, said Muhab Mamish, president of the Suez Canal Economic Zone (SCZone), in a statement on Monday.

Mamish added that the new contract with EBRD is a result of his last visits to Germany and the U.K.“The loan will be allocated for the project’s feasibility study, the environmental studies and the implementation of the new plant,” Mamish revealed.

According to Mamish, EBRD’s directors appreciated the SCZone, placing it among its priorities during the coming period.

An alliance of five shipping lines that earlier this year had ceased East Port Said operations in protest of a hike in fees have agreed to return to the port, Mamish said.
The SCZone’s head went to Germany for talks with Hapag-Lloyd, K Line, Yang Ming Marine Transport, Mitsui O.S.K. Lines and the NYK Group.

A number of incentives and discounts were offered for the return of the international shipping lines, the statement explained.

The Suez Canal Authority (SCA) and General Authority for SCZone have announced up to 50 percent discounts on fees for loading and offloading containers in the Suez Canal Economic Zone.

Under the announced scheme, vessels carrying less than 200 containers will not receive a discount. A 10 percent discount will be given to vessels transporting 200 to 500 containers, with 15 percent for fewer than 1,000, 20 percent for fewer than 2,000, 25 percent for fewer than 3,000, 45 percent for fewer than 3,333 and a 50 percent discount for vessels transporting more than 3,333 containers.

The statement also added that A.P. Moller Capital Co. will be pumping new investments in the infrastructure, ports development and ship catering sectors.