In a collaborative effort, Eurogate, Contship Italia, Hapag Lloyd, MELC Group, and Ship & C.R.E.W have established Damietta Alliance Container Terminals, a Special Purpose Vehicle (SPV). This consortium has been formed with the purpose of designing, developing, operating, and maintaining a new container terminal at Damietta Port under a 30-year concession.

The financing package includes:

$125 million from the European Bank for Reconstruction and Development (EBRD),

$120 million from the International Finance Corporation (IFC),

$100 million from the Asian Infrastructure Investment Bank (AIIB),

$60 million from the German development finance institution DEG and

$50 million from Proparco. 

The Damietta Port is an attractive shipping site in the Mediterranean and has a strategic location close to the Suez Canal, with direct road connections to Cairo, Alexandria and the Nile Delta. 

In response to the escalating demand for container traffic in Egyptian ports, the development of the new terminal at Damietta Port has been initiated. The European Bank for Reconstruction and Development (EBRD) highlights that this expansion project is poised to elevate Damietta Port's competitive standing as a crucial hub in the East Mediterranean. Moreover, the initiative is expected to generate over 80,000 direct and indirect jobs for the Egyptian market by the year 2038.