An Egyptian banking consortium is in talks to arrange a EGP 700 mn joint loan to finance a logistics zone at Egypt’s East Port Said Port, Al Mal quotes sources in the know as saying. The loan is expected to be in the form of long-term financing over seven years, with the National Bank of Egypt reportedly acting as the main arranger of the loan, with other participants including Banque Misr, the sources added.

What zone? East Port Said Port is set to have three logistics areas across some 24 sq km, with one area inside the port extending over 8.4 sq km, and two areas outside the port, according to an Egyptian presidency statement.

The SCZone has been working on expansions for the port: The SCCT is planning to invest USD 500 mn to expand the capacity of East Port Said Port by 40%. President Abdel Fattah El Sisi recently ratified a decision to award Sky Logistics a 30-year USD 65 mn build-operate-transfer contract for a multipurpose terminal to be built over three phases. The port’s main operator, the Suez Canal Container Terminal Company(SCCT), was also recently awarded a contract to develop a second container terminal at the port.

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