IFC plans to provide $175mln loan to SCCT

The International Financial Corporation (IFC) is planning on providing the Suez Canal Container Terminal (SCCT) with a loan of $175 million, said the IFC on Thursday.

The loan seeks to back the expansion project of the existing container terminal at East Port Said port.

The board is yet to decide upon the loan on the 30th of October.

They will also provide Risk Management Products in the form of interest rate swaps with a loan of around $ two million.

The project is estimated to cost around $489 million.

The construction works is set to start by the end of 2023 and initial operations will begin by the second half of 2024.