Egypt’s DIPCO to Obtain US$600 mln Finance From 5 Banks

Damietta International Port Company (DIPCO) has requested Banque Misr and the National Bank of Egypt (NBE) to speed up the arrangement process of a loan worth US$ 600 million, designated to construct a terminal for containers trading in the city.

Official source has informed Amwal Al Ghad that DIPCO reached a final agreement with the two banks in 2011; however, the political turmoil postponed obtaining of the funding.

The source further pointed out that Banque Du Caire, the Arab African International Bank (AAIB) and Banque Audi have agreed to join the loan arrangement alliance and their final approvals shall be sent by the end of June.

DIPCO has reached an agreement, with Egypt’s ministries of transportation, investment and of local development, aiming to complete the company’s new terminal for containers trading in Damietta Port with investment cost of US$ 1.2 billion.

Upon the agreement, the fine imposed on DIPCO shall be deducted from US$ 86 million to US$ 34 million.