China, Egypt to ink MoU on establishing $700mn-containers terminal at Damietta Port

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Egypt’s Cabinet approved the suggestion of transport ministry for signing a Memorandum of Understanding (MoU) with a Chinese firm on establishing second containers terminal at Damietta Port.

In a press conference held Thursday, Minister of Transport Galal El-Saeed stated that the initial cost of the projects is ranging between US$600-700 million.

The new terminal is set to be established with length of 1,900 metres and depth of 17 metres. It is also would be built on a space of 1.2 million square metres, the minister clarified.

El-Saeed noted that the ministry is currently negotiating with the Chinese firm in line with issuing providing necessary equipment for global firms.

Moreover, the minister stated that government’s talks with the Chinese side are on getting a loan worth 2 percent of project’s total cost to be paid over 20 years.