EBRD, AfDB team up with Egyptian banks to finance 70% of Sixth of October dry port
EBRD, AfDB team up with local banks to finance 70% of Sixth of October dry port: The European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB) and a handful of unnamed local banks will finance 70% of the USD 176 mn Sixth of October dry port, Al Mal reports, citing sources familiar with the matter. The EBRD will reportedly stump up 25-30% of the bank finance while the exact contributions from the AfDB and local banks are currently being negotiated. The Elsewedy / Schenker / 3A consortium chosen by the government to build the port will cover the remaining 30%.
Background: A consortium consisting of Elsewedy Electric, Schenker Egypt, and 3A International was earlier this year awarded the contract to build the planned 100-feddan dry port under a public-private partnership framework. The port will be able to handle 720k cargo containers a year, and will contain cargo zones, customs clearance offices, and multipurpose storage facilities linked to key seaports. Construction of the port was originally slated to begin at the end of February and reach completion by the end of 2021.