The Damietta Alliance Container Terminal (DACT) has signed the final financing contract for its box terminal in Damietta, Egypt.
The financing consortium comprises international development banks including European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB), DEG and Proparco.
The joint venture, Damietta Alliance Container Terminal S.A.E., consists of the following shareholders:
- Hapag-Lloyd Damietta GmbH (39%)
- Eurogate Damietta GmbH (29.5%)
- Contship Damietta Srl (29.5%)
- Middle East Logistics & Consultants Group (1%)
- Ship & C.R.E.W. Egypt S.A.E. (1%)
The signing event took place on 20 December in the New Administrative Capital Cairo at the Ministry of Transport in the 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.
“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.
“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,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.
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 TEUs.
Hapag-Lloyd said the terminal will serve as the company’s dedicated strategic transshipment hub in the East Mediterranean.
