The European Bank for Reconstruction and Development (EBRD) has contributed €1m to the construction of a dry port and logistics centre in Egypt’s 10th of Ramadan City, to cover preparation and procurement.
The bank said that the new dry port is expected to improve the efficiency of Egypt’s transport infrastructure, by reducing congestion at seaports and creating the conditions for accelerated customs processes and procedures.
At the same time, it will facilitate trade and will contribute to an increase in the competitiveness of local producers. This, in turn, will help accelerate sustainable economic growth and create employment opportunities.
The project is part of Egypt’s transport master plan, which focuses on the development of an intermodal corridor extending from Alexandria, on the Mediterranean coast, to Ain Sokhna on the Red Sea coast, the EBRD said.
Heike Harmgart, EBRD Managing Director for the Southern and Eastern Mediterranean region, said, “The dry port in 10th of Ramadan City is the second in Egypt to receive funds from the bank’s Infrastructure Project Preparation Facility, which demonstrates our commitment to this approach.”
Egypt is a founding member of the EBRD. Since the start of the bank’s operations in the country in 2012, the EBRD has invested over €7bn in 127 projects nationwide.