MoU for new container terminal in Egypt
A new MOU aims to set up the biggest logistic system in Africa and the Middle East including a container terminal in Egypt.
In addition to a new container terminal at Damietta Port, the MoU between the Egyptian Ministry of Transport, represented by Damietta Port Authority (DPA) and European and German-based companies Contship Italia and Eurogate also aims to develop a railway line, dry port and cargo distribution area with a total investment of €750m as a first phase.
Minister of Transport Lt. Gen. Kamel El-Wazir, who witnessed the signing of the MoU, said that the MoU is aimed at securing cooperation to set up a business model for the project implementation to achieve the economic development of Damietta Port and the surrounding area, which is expected to contribute to the development of the Egyptian economy and help raise the competitiveness of Egyptian ports.
Mr El-Wazir pointed out that the project will also contribute to making Damietta Port a leading hub in the Eastern Mediterranean region, thus opening new markets for Egyptian exports by operating direct liner services for Egyptian exports and increasing the ability to compete with countries turning out similar industrial products. He added that this project will also contribute to attracting foreign direct investments and positively impact the investment environment in Egypt.
The feasibility study and the proposed business model is expected to be completed within four months and the new terminal is due to be ready for operation by the end of 2022, stated Mr El-Wazir.
In August, an MOU was signed between the Egyptian Naval Forces and Hutchison Ports to establish a container terminal at the Port of Abu Qir.
In March, Port Strategy reported that DPA and PSA International met to discuss collaborating on future container handling projects at Damietta Port.
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