The National Bank of Kuwait – Egypt (NBK-Egypt) announced on Thursday that it has provided a $93 million credit facility to EDECS International Engineering and Contracting Company for the construction of new container terminal in Ain Sokhna Port, Egypt.

The contract was awarded by the projects developer Red Sea Containers Terminals Company in July 2024.

NBK-Egypt said in a statement that the funds would be deployed for the construction of the superstructure and infrastructure of the new terminal. 

Spread over a total area of 720,000 square metres (sqm), the project will increase Ain Sokhna port's container handling capacity to 1.610 million TEUs annually.

Red Sea Containers Terminals is a joint venture between Hutchison Ports, CMA Terminals, and COSCO Shipping Ports. In March 2023, Reuters reported that the port unit of CK Hutchison Holdings would invest about $700 million in the development of new container terminals in Ain Sokhna and Alexandria ports.

NBK-Egypt had previously financed Damietta Port expansion, Tahya Misr multi-purpose terminal at Alexandria Port, Max Port breakwaters, and Abu Qir Port in Egypt's port sector.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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