Backed by the National Bank of Kuwait – Egypt (NBK-Egypt), the partnership will support the development of a multi-purpose terminal at Safaga Port on the Red Sea, increasing its annual container handling capacity to around 450,000 twenty-foot equivalent units (TEUs). The expansion is expected to strengthen trade flows and enhance Egypt’s regional competitiveness.
The investment will improve the handling efficiency of agricultural and food products, construction materials, industrial goods, and minerals.
All project facilities are set to meet high sustainability standards, including the electrification of container-handling equipment such as quay cranes and rubber-tyred gantry cranes.
The project will also encourage a shift from road transport to short-sea shipping, helping cut emissions by around 50,000 tons of CO₂ equivalent per year, the corporation said in a statement.
The IFC-backed financing reflects the group’s approach to developing long-term infrastructure projects in fast-growing markets through partnerships with multilateral institutions, said Mohamed Juma Al Shamisi, managing director and group CEO of AD Ports Group, commenting on the deal.
He added that the project underscores AD Ports Group’s expanding presence in Egypt, which he described as a strategic market within global supply chains.
Yasser El Tayeb, vice chairman, CEO, and managing director of NBK-Egypt, said the financing demonstrates the bank’s commitment to supporting strategic infrastructure projects that drive sustainable economic growth while delivering positive environmental impact.
For his part, Makhtar Diop, managing director of the IFC, said strengthening trade is a cornerstone of economic development, noting that the project highlights the IFC’s role in supporting South–South investment. He added that the project would enhance Egypt’s position as a regional trade hub, reduce costs for local businesses, and create high-quality jobs.
Egypt’s ports sector plays a strategic role in global trade. Despite an annual growth of around 6.8 percent at Red Sea ports, capacity and infrastructure gaps persist at some facilities, contributing to higher logistics costs and limiting export access for industries in Upper Egypt.
The project aligns with the World Bank Group’s strategic partnership framework with Egypt, which focuses on private-sector job creation and promoting green, sustainable, and inclusive growth.
Since beginning operations in Egypt in 1976, the IFC has invested and mobilized around $10 billion in development projects, with a focus on sectors such as fintech, climate finance, manufacturing, infrastructure, renewable energy, and healthcare.
The IFC is providing $61 million in loans to Safaga Terminal Operating Company and arranging a parallel loan of up to $54 million from NBK-Egypt, alongside environmental and social advisory support in line with IFC performance standards.
Short link: