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Monday, 16 May 2016

Alex Port multipurpose platform agreement with China Harbour back on

Alex Port multipurpose platform agreement with China Harbour back on: The cabinet economic group approved “in principle” a EGP 750 mn offer from China Harbour to build the multipurpose platform in the port of Alexandria, according to an email statement from the cabinet that only referred to the company as “a leading Chinese corporation.” The government will provide the company with a loan to cover 85% of the project, with the remainder being covered through a direct investment by the company. Differences over the funding funding structure for the project had led the Transportation Ministry to scrap the MoU with China Harbour back in March after talks broke down in January.

On a related note, the cabinet also agreed to provide a loan to whichever company is contracted to import 780 air conditioned railway cars, provided that part of the components for the cars are sourced in Egypt. The cabinet also approved tendering 10 mn sqm land in the industrial zones of four cities.

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