AD Ports Group Secures $115m Financing to Develop Egypt's Safaga Terminal
AD Ports Group arranged a $115m project-finance facility led by IFC and NBK-Egypt to develop the ~$200m Safaga terminal, set to be Upper Egypt's first internationally operated port terminal.
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AD Ports Group said it had secured a $115m project-finance facility led by the IFC and National Bank of Kuwait - Egypt to fund development of the Noatum Ports Safaga terminal on Egypt's Red Sea coast. The terminal is valued at about $200m.
The Abu Dhabi group said the facility would help make Safaga the first internationally operated port terminal in the Upper Egypt region, extending its expanding logistics footprint in Egypt following earlier investments in the country's ports.