Maersk and Suez Canal Authority (SCA) have agreed for $500 million deal for the development of the Suez Canal Container Terminal (SCCT) in East Port Said.
The funds will go toward a new 1,000-meter berth, a place where ships can stay when anchored, that will feature 30 cranes and have electrical service. They also signed an agreement on increasing transit rates in the port and making the container terminal “green” by 2030.
East Port Said is located on the Mediterranean Sea at the end of the Suez Canal and is also the site of an industrial area.
Egypt is working to improve its environmental record and investing in green projects. To this end, the country has received solar panels from China recently ahead of the United Nations climate change conference in Sharm el-Sheikh in November. In June, Egypt and Saudi Arabia signed an investment agreement concerning renewable energy, specifically green hydrogen.
