QNB Egypt arranges EGP 11.98 bn facility to expand East Port Said

QNB Egypt arranged an EGP 11.98 bn syndicated loan for Kased Khair General Supplies and Contracting to fund 6 km of new marine berths at East Port Said Port, the lender said in a statement. QNB is acting as lead arranger, bookrunner, and facility agent for the 12-bank facility, which will finance the construction of berths with a 22-meter draft depth, built to receive the heaviest class of commercial vessels.

This is an important step in the plan to turn East Port Said into a global transshipment hub. The new deep-water berths push it beyond the container-hub profile. In April, the port received MV Paroship — the largest dry bulk vessel to ever dock at an Egyptian terminal, carrying 180k tons of cargo. Looking ahead, the port is targeting a 5 mn TEU capacity by the end of the decade.

BACKGROUND- East Port Said, ranked among the world’s three best-performing container ports in 2025, has seen a concentrated wave of heavy investment. Late last year, the government inaugurated USD 724 mn in projects at the port, including a USD 500 mn expansion of the Maersk-backed Suez Canal Container Terminal, a USD 159 mn Ro-Ro vehicle terminal, and a USD 65 mn multipurpose facility.

Meet the backers: The consortium includes Banque Misr, the National Bank of Egypt, Banque du Caire, the Arab African International Bank, Alex Bank, NBK-Egypt, Kuwait Finance House-Egypt, Al Baraka Bank Egypt, MIDBank, NXT Bank, and the Industrial Development Bank.