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Thursday, 21 April 2016

Transport Ministry announces plan to develop Egypt’s ports

The Transportation Ministry has revealed details of its EGP 16.8 bn plan to develop Egypt’s Red Sea ports as part of the Vision 2030 plan. These include a USD 400 mn yacht marina and cruise harbor for the port of Suez. Also slated for the port is a USD 250 mn supply depot, according to Al Mal. Ras Al Adabaya port is expected to receive USD 700 mn for a logistical services and ship repair station, while the golden triangle area will receive a new USD 250 container terminal. The ministry plans to build a USD100 mn coal trading depot at Al Hamrawein port. For Damietta port, the ministry slated EGP 13 bn in projects financed through a loan from the World Bank, Al Mal reports. These include the construction of a platform for oil freights at a cost of EGP 200 mn, a EGP 25 mn platform dedicated to exporting ammonia-based fertilizers and widen and deepen the port’s shipping lane at cost of EGP 250 mn.

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