US Bechtel Offers Financing Egypt’s $53bn Logistics Projects; Says Minister

US largest construction and engineering company, Bechtel Group has expressed keenness to finance Egypt’s logistics centre and global trading city projects, said Egyptian supply minister Khaled Hanafy.

Egypt is planning to establish a key logistics centre alongside a global city for trading, with investments estimated at 53.1 billion Egyptian pounds (US$7.4 billion).

The Egyptian minister further referred that the Internal Trade Development Authority (ITDA) has outlined its final vision about the global trading city, which would be built with investments worth 40 billion Egyptian pounds. For the global logistics centre for grain handling, it is set to be established in Damietta governorate, to transform Egypt into an international hub for storing and trading grains, at total cost of 13.1 billion pounds.

Bechtel has offered to finance all the national projects in Egypt whether through providing direct cash loans or funding the purchase of what the projects need in accordance with facilitated conditions, the Egyptian minister noted.

Bechtel Corporation (Bechtel Group) is the largest construction and engineering company in the United States, ranking as the 4th-largest privately owned company in the United States. Its headquarters are in the South of Market, San Francisco.