The European Bank for Reconstruction and Development (EBRD) is set to provide Damietta Port Authority with USD300mn to finance its second container project at the port. Al Borsa cited head of the authority, Ayman Saleh, as saying that the USD300mn would be provided mainly through EBRD and five other local banks. The list of local banks includes the National Bank of Egypt, CIB, AAIB and another unnamed bank. He added that the amount is expected to be received within the coming two weeks. The loan has a grace period of three years and will be repaid over 11 years.
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