Port of Damietta, CHEC Ink Damietta Container Terminal MoU
- Business & Finance
A Memorandum of Understanding (MoU) between Port of Damietta Authority and China Harbor Engineering Company Ltd. (CHEC) for the setup of Damietta Port’s 2nd Container Terminal was signed on October 9, 2016.
The new terminal will result in 2.225 meters of new berths, with 17 meters depth and 700.000m² of stacking space.
Project implementation period is 24 months, according to Damietta Port Authority.
The Chinese Bank will cover 85 percent of the project’s cost and Port of Damietta Authority will have the 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 container ships and hence improve the ranking of Damietta among East Mediterranean Container hub ports.