The Damietta Alliance Container Terminal (DACT) has finalised the funding for its cutting-edge container in the Port of Damietta, Egypt.
International development banks such as the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), DEG, and Proparco are reportedly part of the financing consortium.
The deal was signed on 19 December in the New Administrative Capital Cairo at the Ministry of Transport, in the presence of Egypt’s Transport Minister, Egypt’s Minister of International Cooperation, and the German Ambassador.
Representatives from all financial institutions, DACT’s management team, and consortium partners gathered to commemorate this critical step forward in the project’s development.
Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said: “Our investment in the new terminal aims to open up new markets and boost economic growth in the region. The enhanced infrastructure will significantly improve our transshipment operations in the East Mediterranean market and at the same time provide better access to the local Egyptian trade.”
While the infrastructure is being built, the DACT management team is already on the ground in Damietta.
The terminal is scheduled to open in early 2025, with a total operational capacity of 3.3 million TEU. The port will operate as a designated strategic transhipment centre for Hapag-Lloyd in the East Mediterranean.
The Joint Venture, Damietta Alliance Container Terminal S.A.E., consists of three core shareholders: Hapag-Lloyd Damietta GmbH (39 per cent), Eurogate Damietta GmbH (29.5 per cent), and Contship Damietta Srl (29.5 per cent).
Middle East Logistics & Consultants Group and Ship & C.R.E.W. Egypt S.A.E. also have a 1 per cent ownership in the partnership.
This month, Ocean Network Express (ONE) announced its new West India North America (WIN) container service, directly connecting the Jacksonville Port Authority (JAXPORT) with seven ports in Pakistan, India, Saudi Arabia, Spain, and Egypt.