- USD455 million financing package from EBRD, IFC, AIIB, DEG and Proparco to Damietta Alliance for Container Terminals S.A.E, a Special Purpose Vehicle
- Co-financing to develop the superstructure of a second container terminal in Damietta Port in Egypt
- Vocational training to local population with a focus on gender
A consortium of international institutions are supporting the development of the superstructure of a second container terminal in Damietta Port in Egypt with a USD455 million co-financing package to Damietta Alliance for Container Terminals S.A.E.
Damietta Alliance for Container Terminals S.A.E. is a Special Purpose Vehicle (SPV) established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group and Ship & C.R.E.W to design, develop operate and maintenance of the terminal under a 30-year concession.
The financing package includes USD100 million from the Asian Infrastructure Investment Bank (AIIB), USD125 million from the European Bank for Reconstruction and Development (EBRD), USD120 million from the International Finance Corporation (IFC), USD60 from the German development finance institution DEG and USD50 from Proparco.
The Damietta Port is an attractive shipping location in the Mediterranean and has a strategic location close to the Suez Canal and direct road connections to Greater Cairo’s areas, Alexandria and the Nile Delta. The development of the terminal comes as response to the growing demand for containerised traffic in the Egyptian ports and the improved infrastructure and operational efficiency will increase the port’s competitive position as a strategic hub in the East Mediterranean. This financing will promote private sector participation in the operation and maintenance of the port.
As part of the Project, a skills development strategy will be developed offering an opportunity to the local population within the Damietta region to receive trainings responding to skills demanded for the sector’s expansion in partnership with local vocational schools and with a focus on gender and women’s participation in the work force.
Since 2017, AIIB has invested close to USD1.580 billion in seven projects in Egypt.
More information about the project can be found here.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
