ZAWYA-PRESSR: IFC supports port development in Egypt to boost trade and create jobs

About this update from Abu Dhabi Ports Company Pjsc

Abu Dhabi, United Arab Emirates: IFC today announced a partnership with Safaga Terminal Operating Company, owned by the UAE‑based AD Ports Group, to expand access to critical port services in Egypt and create direct and indirect jobs in trade, construction, and maritime and logistics sectors. The collaboration, which also mobilized support from the National Bank of Kuwait (NBK) Egypt, will support the development of a multipurpose terminal in Safaga on the Red Sea and enhance the terminal’s container annual capacity to an estimated 450,000 TEUs (twenty-foot equivalent units), strengthening trade flows and regional competitiveness. This investment will improve the efficient movement of agriculture and food products, construction materials, manufacturing and industrial goods, and minerals. The entire infrastructure is expected to meet best sustainability criteria, through the electrification of container handling equipment such as quay cranes and rubber-tyred gantry cranes. Additionally, it supports the modal shift from road freight to short-sea shipping, which will reduce emissions by almost 50,000 tCO2e annually. Captain Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “This IFC-backed project finance facility reflects our prudent approach to funding long-term infrastructure assets in emerging markets through multilateral and institutional partnerships. The participation of IFC, NBK - Egypt, and other international investors supports the development of the Noatum Ports - Safaga Terminal and reinforces our growing presence in Egypt, a market of strategic importance to the global supply chain. Guided by the vision of the UAE’s wise leadership, we remain focused on delivering resilient, infrastructure assets that enhance connectivity, support sustainable economic growth, and create long-term value for our stakeholders.” NBK – Egypt’s Vice Chairman, CEO and Managing Director Yasser El Tayeb stated that “This landmark financing underscores NBK - Egypt’s commitment to supporting strategic infrastructure projects that drive sustainable economic growth along with having environmental impact reducing the CO2 emissions. Our collaboration with IFC and AD Ports Group reflects our confidence in Egypt’s logistics sector and its long-term potential.” "Enhancing trade is key to stimulating economic development,” said IFC’s Managing Director...

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