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Is Egypt gearing up to develop Alexandria Port? The Alexandria Port Authority is reportedly seeking to borrow a syndicated EGP 6 bn loan from an alliance led by the National Bank of Egypt to develop the port’s infrastructure and enhance its operational efficiency, Ashraq Business reported, citing sources with knowledge of the transaction.
What we know: The loan — guaranteed by Egypt’s Finance and Ministry — is expected to be approved this month after term agreements are finalized.
REMEMBER- It was reported earlier this year that Egypt’s Suez Canal Authority, the General Authority for the Port of Alexandria, and the Damietta Port Authority will establish a joint venture dubbed the Suez Canal Company for Seaport Development.
A gateway to Egypt’s trade: The seaport of Alexandria stands as a gateway for 60% of Egypt’s foreign trade. The port handled 5.1k ships in the FY 2023-2024, marking a 24.5% y-o-y increase, according to a press release. The port also saw a 18.4% y-o-y increase in general cargo volumes, with liquid bulk cargo recording a 52% y-o-y increase to 6.7 mn tons. The port also handled 2 mn containers during the period, recording a 37.4% increase, the statement added.
New shipping services: French Shipping giant CMA CGM launched its new EMED 1 Service connecting Turkey, Egypt, and Lebanon, a weekly service, which will be operated using a single vessel with a nominal capacity of 1.1k TEU, will link Alexandria Port, Antalya Port in Turkey, and Beirut Port in Lebanon.
There’s been some recent activity in Alexandria: A consortium of state-owned companies plans to construct a USD 40 mn pipeline to transport imported liquified ethane gas derived from US shale gas from a station at Alexandria's Dekheila Port to Sidi Kerir Petrochemicals (Sidpec) and the Egyptian Ethylene and Derivatives Company (Ethydco). Another consortium led by Belgian energy firm Deme Group will set up a green hydrogen and green ammonia plant in the Port of Gargoub’s industrial zone after the firm inked an agreement with the New and Renewable Energy Authority (NREA) and the Alexandria Port Authority.
