EDECS gets financing to develop Egypt’s Ain Sokhna Port

NBK Egypt finances Ain Sokhna container terminal project: The National Bank of Kuwait Egypt has extended USD 93 mn worth of credit facilities to construction firm EDECS for the construction of the container terminal at Egypt’s Ain Sokhna Port, the bank said in a statement (pdf). The funding is part of the bank’s strategy to support large national projects, including ports, the statement reads.

Latest developments: EDECS broke ground on the new container terminal last month after it inked a construction contract with the Red Sea Container Terminals Company to execute and deliver the project within 18 months.

Refresher: EDECS will serve as the main contractor for all phases of the project, managing infrastructure construction, yard development, and the integration of technological solutions. The project aims to elevate Ain Sokhna Port’s status as the largest port on the Red Sea in terms of quay wall length, which will exceed 20 kilometers, EDECS Chairperson and Managing Director Hussein El-Dessouky told Al Mal last month.

Background: Egypt inked an agreement with a consortium made up of France’s CMA Terminals, Hong-Kong’s Hutchison Ports, and China’s Coscco Shipping Ports, dubbed Red Sea Container Terminals, to construct the new terminal at Sokhna Port back in March last year. The joint venture is set to operate and maintain the terminal for 30 years. Egypt also inked an agreement with Hutchison Ports and MSC to build a terminal at Dekheila Port, with both agreements worth some USD 1.6 bn. The two terminals are expected to bring in around USD 5 bn in revenues over the 30-year contracts.