{"id":612492,"date":"2023-12-24T00:00:00","date_gmt":"2023-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/damietta-port-lines-up-usd-455-mn-for-second-cargo-terminal\/"},"modified":"2023-12-24T00:00:00","modified_gmt":"2023-12-24T00:00:00","slug":"damietta-port-lines-up-usd-455-mn-for-second-cargo-terminal","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/24\/damietta-port-lines-up-usd-455-mn-for-second-cargo-terminal\/","title":{"rendered":"Damietta Port lines up USD 455 mn for second cargo terminal"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>European and international lenders have lined up USD 455 mn in financing <\/strong><strong>for a <\/strong><strong>second cargo terminal at Damietta port<\/strong>, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/mu8xmtvk\" style=\"\" rel=\"noopener\">a Transport Ministry statement<\/a> said on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the operation:<\/strong> A consortium of Hapag-lloyd, MELC Group, Eurogate Terminals, Contship Italia, and Ship & Crew have established a special purpose vehicle, the Damietta Alliance Container Terminals (DACT). DACT will manage and operate Damietta Port\u2019s second container terminal under a 30-year concession, the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Funding the project: <\/strong>Our friends at <strong>HSBC Egypt<\/strong> acted as the agent bank for the international lenders that will provide <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4278776a-0cae-4593-86f5-b392cf4a0637\" style=\"\" rel=\"noopener\">a USD 455 mn<\/a> financing package for the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s in? <\/strong>EBRD, the International Finance Corporation, China\u2019s Asian Infrastructure Investment Bank (AIIB), development finance player Deutsche Investitions und Entwicklungsgesellschaft (DEG), and the French Development Agency\u2019s private-sector investment arm Proparco, an EBRD <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/news\/2023\/international-consortium-backs-damietta-port-in-egypt.html\" style=\"\" rel=\"noopener\">statement<\/a> said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BY THE NUMBERS:<\/strong><\/p>\n<ul>\n<li><strong>USD 125 mn<\/strong> will come from the <strong>EBRD<\/strong>;<\/li>\n<li><strong>USD 120 mn<\/strong> from the <strong>IFC<\/strong>;<\/li>\n<li><strong>USD 100 mn<\/strong> from the <strong>AIIB<\/strong>;<\/li>\n<li><strong>USD 60 mn<\/strong> from the <strong>DEG<\/strong>;<\/li>\n<li>and <strong>USD 50 mn<\/strong> from <strong>Proparco<\/strong>.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know: <\/strong>The terminal will have a capacity of 3.5 mn TEUs, tripling the port\u2019s capacity. The project will create some 80k jobs directly and indirectly by 2038, the EBRD added. As you typically see when money from development finance institutions comes into play, DACT will develop an environmental and social management system for the port and invest in vocational training to make jobs accessible to local residents. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The terminal is expected to begin operating next year<\/strong>, the ministry has previously said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Damietta as a hub of development: <\/strong>The project is the first phase of the Damietta integrated logistics hub, which will link Damietta Port to industrial centers across the country via railway, <a target=\"_blank\" href=\"http:\/\/tinyurl.com\/mwcwhy9j\" style=\"\" rel=\"noopener\">the ministry said<\/a> last year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The terminal will have a final capacity of 3.5 mn TEUs and begin operation by 2024.<\/p>\n","protected":false},"author":1,"featured_media":612493,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8237],"tags":[2399,1830,11890,9287,571,72,1829,8270,490,7111,759,125,145,11891,8757,4218,11892],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics","tag-asian-infrastructure-investment-bank","tag-contship-italia","tag-damietta-port-authority","tag-deg","tag-ebrd","tag-enterpriseam","tag-eurogate","tag-hapag-lloyd","tag-hsbc","tag-infrastructure","tag-international-finance-corporation","tag-investment-watch","tag-logistics","tag-melc-group","tag-ports","tag-proparco","tag-ship-crew","wpautop","entry"],"acf":{"mongo_id":"ced2255f-0a94-46c7-a280-9079349fd01b","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1512.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Damietta Port secures USD 455 mn in funding for second container terminal","related_issue":[612483],"teaser":"The terminal will have a final capacity of 3.5 mn TEUs and begin operation by 2024.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.bbb04335-bb26-49e3-9696-dfc925f1036d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Eurogate Terminals, Contship Italia, and Hapag-Lloyd signed an agreement with the Damietta Port Authority (DPA) to develop and operate the terminal, and have\u2026","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/139.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606780,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/ifc-could-lend-usd-125-mn-for-damietta-port-cargo-terminal\/","url_meta":{"origin":612492,"position":1},"title":"IFC could lend USD 125 mn for Damietta Port cargo terminal","author":"enterpriseam admin","date":"21 September 2023","format":false,"excerpt":"This is part of a broader USD 455 mn financing package involving the EBRD, the AIIB and other multilateral lenders","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":603692,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/20\/ebrd-has-funding-for-damietta-port-and-is-pushing-forward-liberalization-of-our-electricity-grid\/","url_meta":{"origin":612492,"position":2},"title":"EBRD has funding for Damietta Port \u2014 and is pushing forward liberalization of our electricity grid","author":"enterpriseam admin","date":"20 August 2023","format":false,"excerpt":"EBRD is also working with Egyptera on a a wheeling framework for the national electricity grid","rel":"","context":"In &quot;Infrastructure&quot;","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/888.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594981,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/12\/two-european-companies-to-build-usd-750-mn-damietta-logistics-zone\/","url_meta":{"origin":612492,"position":3},"title":"Two European companies to build USD 750 mn Damietta logistics zone","author":"enterpriseam admin","date":"12 September 2019","format":false,"excerpt":"The Damietta Port Authority signed an MoU yesterday with European companies Eurogate Terminals and Contship Italia to establish the largest logistics zone in the MENA region with EUR 750 mn in investments, the ministry said in a statement. 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