DP in talks with Egypt banks for USD 500 mn Ain Sokhna port expansion

UAE’s DP World is in talks with banks in Egypt to arrange a USD 500 mn loan to finance its Ain Sokhna port expansion project, banking sources told Al Shorouk. Some of the banks are based in GCC countries but all have branches in Egypt. The loan will cover the company’s total investments in the project (EGP 8.9 bn or USD 500 mn). The expansion will bring the port’s annual capacity to 1 mn twenty-foot equivalent units (TEU).