Sharkawy & Sarhan on Damietta Port’s USD 455 Million Financing

Sharkawy & Sarhan Law Firm (Sharkawy & Sarhan) has been instrumental in the pivotal step forward for the transformative Damietta Port Project, participating in the signing of the Financing Documents following the earlier signing of the Step-In Agreement by the Ministry of Transport. 

The Step-In Agreement ceremony took place at the Ministry of Transport, graced by the presence of dignitaries including General Kamel El Wazir (Minister of Transport), Dr. Rania A. Al-Mashat (Minister of International Cooperation), and General Ahmed Hawash (Chairman of the Damietta Port Authority). 

Later that day, Sharkawy & Sarhan hosted the signing of the other Financing Documents at their offices, marking a significant milestone for the groundbreaking project. Envisioned to reshape regional trade dynamics, stimulate economic growth, and fortify international ties, the Damietta Port Project is poised to become a linchpin in Egypt’s strategic positioning as a global trade hub. 

Sharkawy & Sarhan served as Egyptian counsel to key financial entities, including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Asian Infrastructure Investment Bank (AIIB), DEG, and Proparco. Together, these entities have orchestrated a formidable US$455 million financing package dedicated to developing the superstructure of the second container terminal at Damietta Port in Egypt. 

This transformative project holds substantial significance for the local trade landscape and aligns with the overarching governmental strategy to elevate Egypt’s status as a global trade hub. Anticipated to achieve a final operational minimum capacity of 3.3 million TEUs, the Damietta Port Project serves as the cornerstone for the ambitious government plan to establish the “Damietta Integrated Logistic Corridor for Containers.” 

The transaction was led by Partner Mohamed Nabil Hazzaa (pictured), who was supported by Senior Associate Nesma Abdelbary, Associate Nadin Ghaleb and Associate Ahmed Rifaat

Allen & Overy (A&O) acted as legal counsel for the lenders. Click here for further details.