Wednesday, Sep 28, 2022
International Finance
Ports and Shipping

Egypt in talks with World Bank to establish cargo shipping line

The Egyptian National Railway is studying establishing a shipping line between Alexandria and the Sixth of October dry port

Kamel El Wazir, Egypt’s minister of transport has held discussions with representatives from the World Bank about the establishment of a cargo shipping line between Alexandria and the Sixth of October dry port.

According to reports, Egypt’s Egyptian National Railway (ENR) has been assigned to conduct the feasibility study of the cargo shipping line.

The Egyptian Ministry of Petroleum and Mineral Resources also announced plans to maximise its logistics services for ships transiting its coasts and waterways. The ministry said it would add five new ships to supply fuel and other logistical services.

“The move is in line with the country’s strategy to become a regional energy hub in the Eastern Mediterranean region,” Egyptian Petroleum Minister Tarek El Molla told the media.

Egypt is planning to develop the Suez Canal axis as well, which will facilitate the flow of investment into the Egyptian economy by localising the re-export industries such as shipbuilding and vehicle manufacturing. A total of 70,679 ships transited the Suez Canal in 2018. They transported around 4.3 billion tonnes of cargo during the year.

Last month, the ministry of transport and finance’s public-private partnership (PPP) central unit received tenders for the establishment of the first dry port in the industrial zone in the Sixth of October City in Egypt. The port will receive an international identification number which will facilitate for the shipments to be directly taken to the port as a final destination.

Recently, the World Bank announced that Egypt’s debt has increased by 20.4 percent year-on-year to $106.2 billion during the first quarter of 2019.

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