Contship Italia and Eurogate, in partnership with the Damietta Port Authority (DPA), have planned to set up the biggest logistic system in Africa and in the Middle East which includes a new container terminal at Damietta Port.
Representing an investment of €750m (US$824.5m), the first phase of this project will also include a railway line, dry port and a cargo distribution area.
Minister of Transport Lt. Gen. Kamel El-Wazir stated that a Memorandum of Understanding (MoU) signed by the two parties looks for cooperation to set up a business model for the project implementation to achieve the economic development of Damietta Port and the surrounding area.
The aim is that this will contribute to the development of the Egyptian economy and help raise the competitiveness of Egyptian ports.
El-Wazir also pointed out that it could contribute to making Damietta port a leading hub in the Eastern Mediterranean region, thus opening new markets for Egyptian export.
The feasibility study and the proposed business model is expected to be completed within four months and that the new terminal is scheduled to be ready for operation by the end of 2022.
Eurogate operates 12 container terminals, has a fleet of trains in 12 European counties and handled 14.1m teu worldwide in 2018.
It’s latest project was the development of the rapidly growing Moroccan Port of Tangier and its economic zone, which saw container traffic grow from 1m to 4m containers in two years’ time.