11 September, 2019

Egypt's Damietta Port inks MoU with European firms to launch logistic system

The project will be completed by 2022-end

Image used for illustrative purpose. Container ship in import export and business logistic, By crane, Trade Port, Shipping cargo to harbor, Aerial view from drone, International transportation, Business logistics concept.

Image used for illustrative purpose. Container ship in import export and business logistic, By crane, Trade Port, Shipping cargo to harbor, Aerial view from drone, International transportation, Business logistics concept.

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Cairo – Mubasher:Damietta Port Authority (DPA) has signed a memorandum of understanding (MoU) with German and Italian companies, Eurogate and Contship Italia, to establish the biggest logistic system in the Middle East.

The new logistic system will include a cargo terminal, a railway road, a dry port, and a goods distribution area, with total investments of EUR 750 million for the first phase, Egyptian transport ministry announced on Wednesday.

Moreover, Minister of Transport, Kamel Elwazir, revealed that the feasibility study of the project is expected to be completed within four months, adding that the project is slated for completion by the end of 2022.

The new logistic system will position Damietta Port as a hub port in the Middle East and attract direct foreign investments, Elwazir said.

Source: Mubasher

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