Transport Minister Kamel al-Wazir witnessed the signing of a Memorandum of Understanding (MoU) between the Transport Ministry and major European and German companies in the field of handling container terminals, dry ports and logistics to launch the largest logistics project in the Middle East and Africa.
The project includes a container terminal, a railway line, a dry port and a cargo distribution area, with a total investment of 750 million euros, as a first phase.
The minister added that the project also includes the establishment of an integrated logistic corridor that includes a container terminal. The terminal will be linked to a dry port in al-Dhuhair area through a railway line.
The corridor will serve ports of the Eastern branch of the Suez Canal and ports overlooking the Mediterranean, which will reduce pressure on road transport, he said.
The MoU aims at cooperation on a business model for the project to achieve economic development at the Damietta Port and the surrounding area, which in turn will make other Egyptian ports more competitive, the minister said in a statement on Wednesday.
The project will contribute to making the port a pivot point in the Eastern Mediterranean region and to the opening of new export markets through the operation of direct shipping services to the port and increased competitiveness with countries producing similar industrial products, said Wazir.
He pointed out that the project will also contribute to attracting foreign direct investment, reflecting positively on the investment climate in Egypt.
The feasibility study and the proposed business model will be complete within four months. The terminal will be complete by the end of 2022, he stated.
Edited translation from Al-Masry Al-Youm