SCCT Phase 3 (IFC-47505)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Specific Location
Port Said East Port
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 30, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Suez Canal Container Terminal S.A.E.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 177.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 175.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 489.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 26, 2023

Disclosed by Bank Sep 28, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project involves the expansion of the existing container terminal of Suez Canal Container Terminal S.A.E. (SCCT) at Port Said East Port. The exisitng terminal is currently operating with a berth length of 2,400m. The expansion aims to increase the terminal’s capacity by an additional capacity of 2.1 million Twenty-foot equivalent units (TEU) resulting in a total installed capacity of 6.6 million TEU. For the purpose of this expansion, the General Authority of Suez Canal Economic Zone granted the Company a concession agreement entailing the design, building, management and operation of a container terminal with an additional quay wall length of 955 meters and a yard adjacent to the current terminal. The Project costs are estimated at approximately US$489 million. The construction is expected to start at the end of 2023, with initial operations anticipated in the second half of 2025.

SCCT will be responsible for tendering out and managing the superstructure works, which include ground reinforcement (e.g., subsurface works and pavement), yard construction, and provision of support facilities and equipment. The latter includes the supply of 12 electric Ship-to-Shore cranes, 30 electric Rubber Tired Gantry cranes, a fleet of 90 trucks, 5 empty handlers, and 4 reach stackers.                            

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, the Project will be developed by SCCT, an Egyptian Joint Stock Company, incorporated under the regulation of private free zones and located in Port Said East Port. SCCT is 55% owned by Egyptian International Container Terminal (EICT), a fully owned subsidiary of APM Terminals B.V. (APMT), which is, in turn, 100% owned by A.P. Moller-Maersk (APMM). Other shareholders include Cosco Shipping Ports Port Said Limited (20%), which is a subsidiary of Cosco Shipping Ports Limited (“Cosco”), National Bank of Egypt (5%), Suez Canal Authority (SCA, 5%), and its subsidiary Canal Mooring and Lights Company (5%). The remaining 10% shareholding is held by over 200 individual and corporate shareholders.

APMT is a global container terminal operator and a subsidiary of APMM, a Danish integrated transport and logistics company. APMT operates a network of ports and terminals across the world. The company provides comprehensive port services, including vessel berthing, container handling, storage, and inland transportation. With a presence in 65 locations across 38 countries, APMT is recognized as one of the largest in the maritime industry.

APMM is an integrated container logistics company headquartered in Copenhagen, Denmark. The company's main business areas encompass container shipping, port terminals, and logistics. The ocean segment which includes global container shipping activities including strategic transshipment hubs, is the largest segment of the company. APMM operates in over 130 countries, and it is one the largest global container shipping companies.

Cosco is one of the leading global port operators, based in Hong Kong. Cosco’s primary business includes terminal operations, container handling, transportation, and storage. Its terminal portfolio covers the five main port regions and the middle and lower reaches of the Yangtze River in China, Europe, the Mediterranean, the Middle East, Southeast Asia, South America and Africa. As of March 2023, Cosco operated and managed 367 berths at 37 ports globally, of which 220 were for containers, with an annual handling capacity of approximately 122 million TEU.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - COSCO SHIPPING Ports Limited Investor Industry and Trade
- - - - National Bank of Egypt Investor Finance
AP Moller-Maersk A/S Parent Company Industry and Trade owns APM Terminals Parent Company Industry and Trade
Suez Canal Authority Investor Infrastructure owns Canal Mooring & Lights Investor Infrastructure

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Suez Canal Container Terminal S.A.E.:

Steven Yoogalingam
Phone: +2 066 3254960
Address: Private Free Zone Area, P.O. Box 247, Port Said, Egypt
Website: https://www.apmterminals.com/en/scct/about/scct

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works