According to a statement by the Egyptian cabinet, the agreement, signed in the presence of Prime Minister Mostafa Madbouly and Transport Minister Kamel El-Wazir, also includes using, managing and operating the second container terminal called "Tahya Misr 1" in addition to conducting maintenance works there.

The Damietta Alliance Container Terminal consists of three core shareholders: Germany’s Eurogate, Contship Italia and Hapag-Lloyd.

The deal was signed by DPA Chairman Ahmed Hawash as the first party, in addition to Chairman of Board of Directors of Eurogate Thomas Eckelmann, President of Contship Italia Cecilia Eckelmann-Battistello, and Regional President of Hapag-Lloyd Juan Pablo, all as the second party.

The deal stipulates establishing port berths that are 1,970 metres long built at a depth of 18 metres and accommodating 4.5 million twenty-foot-equivalent units (TEUs) of container ships.

Work is underway to finalise the port’s infrastructure in December at a cost of EGP 4.5 billion.

The prime minister hailed efforts exerted by all concerned parties during the negotiations that were crowned by signing this key agreement which he said falls within the framework of the state’s keenness to turn Egypt into a global trade hub.

The premier said the government is keen to offer all means of support and facilitation to the private sector as well as to the domestic and foreign investors in a way that helps lure further investments.