AIIB joins financing for new container terminal in Egypt

A consortium of international financial institutions are supporting the development of a second container terminal in Damietta Port in Egypt, with a US$455 million co-financing package.

Damietta Alliance for Container Terminals is a special purpose vehicle established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group and Ship & C.R.E.W, to design, develop, operate and maintain the terminal under a 30-year concession.

The financing package includes US$100 million from the Asian Infrastructure Investment Bank (AIIB), US$125 million from the European Bank for Reconstruction and Development (EBRD), US$120 million from the International Finance Corporation (IFC), US$60 million from the German development finance institution DEG, and US$50 million from Proparco.