A consortium comprising the European Bank for Reconstruction and Development (EBRD), the International Finance Corp (IFC), the Asian Infrastructure Investment Bank (AIIB), the German development finance institution DEG, and Proparco is providing a $455 million co-financing package to Damietta Alliance for Container Terminals S.A.E. The special purpose vehicle, established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group, and Ship & C.R.E.W, will utilize the funds to develop the superstructure of a second container terminal in Damietta Port, Egypt.
The financing includes contributions of $100 million from AIIB, $125 million from EBRD, $120 million from IFC, $60 million from DEG, and $50 million from Proparco. The strategic location of Damietta Port near the Suez Canal positions it as a crucial shipping hub, and the terminal's development aims to meet the growing demand for containerized traffic, enhancing the port's competitive edge in the East Mediterranean. The project aims to enhance operational efficiency and infrastructure, positioning the port as a strategic hub in the East Mediterranean.