In an important milestone, the Damietta Alliance Container Terminal (DACT), which will serve as Hapag-Lloyd’s dedicated transshipment hub in the East Mediterranean, has signed the final financing contract with a consortium that comprises international development banks, including European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB), DEG and Proparco.
“Our investment in the new terminal aims to open up new markets and boost economic growth in the region. The enhanced infrastructure will significantly improve our transshipment operations in the East Mediterranean market and at the same time provide better access to the local Egyptian trade,” commented Rolf Habben Jansen, CEO of Hapag-Lloyd.
The construction of terminal infrastructure at the Egyptian port is currently underway, the management team of DACT is already in place in Damietta and the terminal is scheduled to be operational by the beginning of 2025. The final total operational capacity of the terminal is expected to be around 3.3 million TEU a year.
DACT is a joint venture that consists of three core shareholders: Hapag-Lloyd Damietta (39%), Eurogate Damietta (29.5%) and Contship Damietta. Additionally, Middle East Logistics & Consultants Group and Ship & C.R.E.W. Egypt each holds a 1% stake in the venture.