Egypt's stocks close lower on Tuesday as benchmark EGX 30 drops 0.47%    National Bank of Egypt wins licence to open Saudi Arabia branch    Egypt's iron and steel exports jump 197% in 8 months    Egypt's commodity exchange to start trading in cotton next year – minister    Egypt inaugurates world's largest water treatment plant    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Over 100 officials resign from Tunisia's main Islamist party    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egyptian court bans use of mosques for political purposes    Brazil calls up 8 EPL players for World Cup qualifying    Refugees in fear as sentiment turns against them in Turkey    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Sisi calls on House, Senate to commence second legislative sessions on 3, 5 October    Huawei Technologies has invested $10 mln over 5 years in innovation centres in Egypt    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    Qa'a play showing at Lycee El Horreya Theatre, Alexandria is a must go    UAE-based Alameda to invest around $318 mln in Egypt in five years    Egypt to be removed from England's red travel list on September 22    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    US emphasises AU's role in mediating Ethiopian damdispute    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

EBRD approves €25 million loan for Egypt's dry port project
Published in Amwal Al Ghad on 28 - 07 - 2021

The European Bank for Reconstruction and Development (EBRD) approved on Tuesday a €25 million ($29.6 million) loan to finance the construction of Egypt's first inland dry port located in 6th of October City.
The loan will go for Egypt's October Dry Port Company (ODP), a joint stock company established to construct the dry port project.
The EBRD loan is part of a total investment package of $60 million designed to finance the design, development, construction, and operation, as well as maintenance of the port.
The project will be Egypt's trigger investment under the EBRD's Green Cities Framework, the bank said in a statement.
The anticipated port will act as an extended gateway for the deep-sea ports located in the northern and eastern regions of Egypt and designed to be the final destination of cargo.
According to the bank, the port is expected to provide efficient customs inspections and clearance procedures, reduce congestion in the seaports, create economies of scale by using intermodal rail services to/from the seaports. It will also improve the overall reliability and cost-efficiency of the logistics processes of the dry port's future clients.
"It is also expected to transfer part of the container traffic from road to railway, thus realising many social, environmental, and economic benefits such as reduced road congestion, accidents, and environmental emissions." the EBRD statement read.
"In particular, the project will lead to significant GHG savings and air pollutants reductions and is therefore consistent with the Green Economy Transition (GET) approach and is 100 percent GET,"
Rania al-Mashat, Egypt's international cooperation minister
The inland dry port projects boost Egypt's strategy of green transformation, Egyptian Minister of International Cooperation Rania al-Mashat said in a ministry statement.
The EBRD loan has approved for the 6th of October City's dry port paves the way for securing more finances for such kind of projects and other transport projects through establishing further international partners, al-Mashat added.

Clic here to read the story from its source.