The Alexandria Port Authority (APA) has formed a joint venture with the Suez Canal Economic Zone (SCZone) and the Land Maritime Transport Holding Company to set up a USD 450-500 mn multipurpose facility at the Alexandria Port, without specifying the contribution of each party, Al Mal reports.

Land Maritime Transport Holding Company Chairman Mohamed Youssef revealed that the project will be partially financed by bank loans, adding that his company had received five offers to expand the Alex Container and Cargo Handling company’s platforms at the Alexandria Port to 17 meters, rather than the current 15.5 meters. The project will cost USD 35 mn and requires 18 months to be completed.

A similar expansion project is planned to be implemented in Damietta Port.

Negotiations with China Harbor, to build the facility, have officially failed as the company and Alexandria Port Authority could not reach a final agreement on the project funding and its terms.