zoomImage Courtesy: Port of Damietta Authority

Egypt’s Port of Damietta Authority has signed a Memorandum of Understanding (MOU) with China Harbor for the development of Damietta Port’s second container terminal.

Under the agreement, signed on October 9, the project implementation period would be 24 months.

The new terminal is planned to comprise berths totaling 2,225 meters with 17 meters depth and stacking space of 700,000 m2.

In parallel to project execution, Port of Damietta Authority will be launching and international tender to select an international container terminal operator.

The Chinese Bank is scheduled to finance 85 percent of project cost, while the authority will have complete ownership of the terminal.

“Feasibility studies conducted in this regard confirm market and economic effectiveness of the new terminal which will greatly enhance already operating national container terminal performance in accommodating latest containerships,” Port of Damietta Authority said.