Egypt and Italy have inked an agreement for the international transport of goods by towed land vehicles, trailers, and semi-trailers, using roll-on/roll-off (RoRo) line, ‘Arab Finance’ reports citing the Egyptian government.
Under the deal, initialed by Minister of Transport Kamel Al-Wazir and Ambassador of Italy to Cairo Michele Quaroni, RoRo is scheduled to start during the first half (H1) of 2024.
In a separate agreement, the two countries pledged to enable easy transport of goods and reduce the cost of transport and travel time between both sides.
Prior to the two deal, al-Wazir announced that a logistics zone will be established behind Damietta Port, as part of implementing a comprehensive plan to make Egypt a center for global carpentry and logistics.
The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), the German Investment Corporation (DEG), and Proparco pledged to finance the construction of the terminal.
The investors vowed respectively $125 million, $120 million, $100 million, $60 million, and $50 million.
Damietta Alliance Container Terminals, a special purpose vehicle (SPV), has been established by Eurogate, Contship Italia, Hapag Lloyd, MELC Group, and Ship & C.R.E.W to design, develop, operate, and maintain the terminal under a 30-year concession.
