The European Bank for Reconstruction and Development (EBRD) has announced that it provided Egypt with a €1 million contribution for the construction of a dry port and logistics centre in 10th of Ramadan City. The sum will be used in the preparation and execution of the project, EBRD said on Wednesday. The new dry port is aims to upgrade the efficiency of Egypt's transport infrastructure by reducing congestion at seaports and creating the conditions for accelerated customs processes and procedures, according to the EBRD. It also added that facilitating trade in this way will contribute to an increase in the competitiveness of local producers, which will help accelerate sustainable economic growth and create employment opportunities. The project is part of Egypt's transport master plan, which recommends the development of an intermodal corridor extending from Alexandria on the Mediterranean coast to El-Sokhna on the Red Sea coast. The bank said that infrastructure development is one of the strategic priorities of the EBRD and one of the pillars of its business activities
