SIMIC

THE Damietta Alliance Container Terminal (DACT), 10 miles from the Mediterranean in the Nile Delta, has signed its final financial contract, reports Netherlands's Fresh Plaza.

The terminal, with a 3.3 million TEU annual capacity at full build-out, will serve as Hapag-Lloyd's dedicated strategic transshipment hub in the eastern Mediterranean and will open in early 2025.



The consortium comprises the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), DEG and Proparco, said German shipping giant Hapag Lloyd and port operator Eurogate in a joint statement.



The signing took place in Cairo in the presence of the Egyptian transport minister and the minister of international cooperation as well as the German ambassador.



Said Hapag-Lloyd CEO Rolf Habben Jansen: "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.