Within the framework of implementing the presidential directives to maximize cooperation with private sector companies.. The Minister of Transport witnesses the signing of a memorandum of understandin

Lieutenant General Engineer Kamel El-Wazir, Minister of Transport, witnessed the signing of a memorandum of understanding between the Holding Company for Maritime and Land Transport and the Industrial Development Unit Company to establish the first project of its kind in Egypt for scrapping ships and recycling the resulting scrap on an area of ​​155 thousand meters (450 width x 350 length) in the area located west of the western barrier of Damietta Port, with the construction of a sea barrier of one and a half kilometers to confront siltation factors, provided that the electrification operations are carried out according to the concepts and features determined by the Ministry of Transport. The memorandum was signed by Dr. Amr Mostafa, Executive Managing Director of the Holding Company, and Mr. Gamal El-Garhy, Chairman of the Board of Directors of the Unit Company for Development.

The Minister of Transport confirmed that this signing comes within the framework of implementing the presidential directives to maximize cooperation with the private sector in various projects, including transportation projects, and in light of the promising investment climate and various investment incentives that aim to achieve development goals to implement distinctive projects in various fields that have a positive impact on the national economy, in light of the new republic whose foundations were laid by His Excellency President Abdel Fattah El-Sisi, President of the Republic.

The Minister explained that this project is based on investing in providing raw materials for a great strategic industry, which is the iron and steel industry, by replacing iron and steel factories to import solid scrap from abroad with the scrap that will be available from this project, so that the scrap steel resulting from recycling is introduced into a sustainable environmental system to produce green steel. Pointing out that the project includes establishing and recycling the first scrapping yard for large, medium and small ships according to international standards qualified to deal with major shipping and container companies, which results in the production of raw materials necessary for iron factories by establishing an infrastructure qualified to obtain international licenses to purchase all ships according to the recommendations of the Hong Kong and Basel conferences, as well as working to implement the requirements of the European Regulation for Ship Recycling in accordance with the implementation decision issued by the European Union No. 2323 of 2016.