Minister of Transport Kamel El Wazir said that the second “Tahya Misr 1” container terminal at Damietta Port is expected to transform Egypt into a global trade and logistics hub, stimulating private sector partnership at the national as well as international levels.
Wazir was speaking to journalists following the signing ceremony of the terminal’s construction and development agreement between Damietta Port Authority on one part and Damietta Alliance Container Terminal S.A.E., a global consortium of some of the world’s top operators of shipping lines and international container terminals, namely, Germany’s EUROGET Group, Hapag-Lloyd AG, and Contship Italia.
The deal was struck after marathon negotiations that lasted for two years, the minister said, noting that all the project procedures were carried out in an absolutely transparent manner before it was audited by the State Council, and approved by the cabinet and the Egyptian parliament.
Despite ongoing global economic challenges, the consortium will inject nearly $500 million into the project’s 1st phase, Wazir pointed out, indicating that by the third year, the port’s cargo handling capacity will reach 4.7 million TEU, up from the current 1.2 million.
The project will create 1,000 direct and indirect job opportunities, Wazir said.
Source: State Information Service Egypt