Arab Finance: The National Bank of Kuwait-Egypt (NBK-Egypt) has provided EDECS International Engineering and Contracting Company with credit facilities totaling $93 million, as per an emailed press release.

The funding aims to finance the development of the superstructure and the infrastructure of the container terminals at Ain Sokhna Port, assigned to EDECS by the Red Sea Containers Terminals Company.

NBK-Egypt’s participation in funding this project is part of the bank’s strategy to back the country’s plans for financing major national projects, including ports, Vice Chairman, CEO and Managing Director at NBK-Egypt Yasser El-Tayeb stated.

The project is set to increase Ain Sokhna Port's capacity by 1.6 million twenty-foot equivalent units (TEUs) annually, Chief Business Officer at NBK-Egypt Amr El-Alfy noted.

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