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Thursday, 12 March 2015

Egypt seeks $700m investment for East Port Said

Egypt’s Ministry of Transportation is reportedly seeking investment of $700 million for expansion of the container terminal at East Port Said on the country’s Mediterranean coast.

The Suez Canal Container Terminal (SCCT) is the busiest container seaport in Egypt, handling around 5.4 million TEU per year. Dredging work at the site has already deepened the terminal’s draught from 13.9 to 14.5 meters.

“We could be handling more if we had the ability to take more ships. But we don’t because of the convoy system of the Suez Canal,” Lars Koch-Soelyst, the CCE of SCCT said in comments to news source Ahram Online last year. “This creates inflexibility for us, because we are part of the Suez Canal.”

The government is targeting a total of $2.5 billion of investment for six projects ahead of an Economic Forum held at Sharm El-Sheikh this month.

The other projects include a highway linking Ain Sokhna to Helwan, a bus highway linking New Cairo, Heliopolis and Nasr City, an electric train project linking Ramsis with downtown Cairo, a river bus project and logistics ports at 10th of Ramadan City and 6th of October City.

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