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Thursday, 2 June 2016

Administrative Control Authority objects to terms of China Harbour Alex port multipurpose platform

The Administrative Control Authority (ACA) has raised objections to some of the terms in a proposed USD 750 mn agreement with China Harbour to build a multipurpose platform in the port of Alexandria. Sources tell Al Mal that the state anti-corruption watchdog had objected to what they feel are “exaggerated” financial terms and questionable technical specifications of the project. The Faculty of Engineering at Alexandria University is said to be backing the ACA on the latter. As we noted earlier this month, the Ismail cabinet resurrected the project after months of stalled talks over the project’s financing. The cabinet had stated that the it would loan China Harbour 85% of the funds for the project, but a China Harbour representative tells Al Mal that it would finance the full cost of construction.

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