EBRD preliminarily agrees to lend EUR 400 mn to Egypt’s Damietta Port Authority

The European Bank for Reconstruction and Development (EBRD) has agreed in principle to lend EUR 400 mn to the Damietta Port Authority to finance the construction of a second container terminal at the port, banking sources told Al Shorouk. The authority was set last year to sign a EUR 305 mn loan agreement with the European Investment Bank for the same project. It remains unclear whether talks with the EIB have broken down.