The Damietta Alliance Container Terminal (DACT) has signed the final financing contract for its state-of-the-art container terminal in Damietta, Egypt.
The financing consortium comprises international development banks including European Bank for Reconstruction and Development (EBRD), the International Finance Corporation(IFC), Asian Infrastructure Investment Bank (AIIB), DEG and Proparco.
The signing event for the contract took place yesterday in the New Administrative Capital Cairo at the Ministry of Transport in presence of the Transport Minister of Egypt, the Minister of International Cooperation of Egypt, as well as the German Ambassador.
Representatives from all lending institutions, DACT's management team, and consortium partners came together to mark this significant milestone in the project's development.
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"We are particularly proud that this group of prominent development institutions, including EBRD, IFC, AIIB, DEG and Proparco is supporting the Damietta Alliance consortium with know-how, as well as a landmark financing package tailored to the necessities of the project," stated Tom Eckelmann, CEO of the EUROGATE Group.
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 construction of the infrastructure is currently underway, the management team of DACT is already engaged in Damietta.
The Go-Live of the terminal is scheduled for the beginning of 2025, with a final total operational capacity of 3.3 million TEU. The terminal will serve as Hapag-Lloyd's dedicated strategic transshipment hub in the East Mediterranean.
The Joint Venture, "Damietta Alliance Container Terminal S.A.E.," consists of three core shareholders: Hapag-Lloyd Damietta GmbH (39%), Eurogate Damietta GmbH (29.5%), and Contship Damietta Srl (29.5%).
Additionally, Middle East Logistics & Consultants Group and Ship & C.R.E.W. Egypt S.A.E. each hold a 1% stake in the venture.
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