We now know how much funding the IFC could extend to Damietta cargo terminal II: Our friends at the International Finance Corporation (IFC) are considering extending USD 125 mn loan to Egypt to fund the construction of Damietta Port’s second container terminal, according to the lender’s website. The board is expected to make a final decision on the facility on 30 October.

Remember: The funding is part of a USD 455 mn financing package involving the IFC, the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions und Entwicklungsgesellschaft (DEG), and the French Development Agency’s private-sector investment arm Proparco. The AIIB is chipping in USD 100 mn, and EBRD announced funding the project with USD 125 mn last month.

Background: A consortium of European companies are working on the project: Hapag-Lloyd, Eurogate Terminals, and Contship Italia signed an agreement with the Damietta Port Authority last year for the USD 665 mn project. The firms will establish the terminal under a 30-year build-operate-transfer framework. The terminal will have a final capacity of 3.3 mn TEUs and is expected to begin operating by 2024, raising the port’s total capacity to 4.7 mn TEU by the third year of its operation.

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