EIB to finance feasibility study for logistics center in East Port Said

CAIRO-14 April 2017: European Investment Bank (EIB) will provide technical assistance to finance a feasibility study to establish a logistics center in East Port Said, President of the Suez Canal Economic Zone Dr. Ahmed Darwish said in a Thursday statement.

Darwish added the center is supposed to cover the technical, environmental, social, economic, financial and institutional aspects as well as aspects related to marketing.

“The center is a network of logistics platforms in the Mediterranean region, the main functions are expected to include logistics services as container filling and unloading, as well as value added services such as refilling and marking,” Darwish explained.

On the other hand, Director of Logistics Projects Ahmed Agiz said the negotiations with the EIB lasted for nearly eight months and it was agreed that one of the consulting offices will be responsible for the feasibility study of the project.

EIB is one of the world’s largest multilateral banks. It finances sustainable investment projects that contribute to EU policy objectives.

It has started to cooperate with Egypt since 1979 and since then it has provided investments worth $2.2 billion. The most renowned projects financed by the EIB are Cairo Metro Line 2, Damanhour Combined Cycle Gas Turbine Power Plant Project (EIB) and Egyptian Pollution Abatement Program.