Mar 18, 2023 06:04 PM

China Cosco Unit Takes 25% Stake in New Egyptian Container Port

Photo: VCG
Photo: VCG

A unit of state-owned China Cosco Shipping Corp. Ltd. will invest in a 25% stake in a new container terminal in Egypt, as the shipping giant seeks to expand its presence in emerging markets.

Cosco Shipping Ports Ltd. has signed an agreement for the equity investment in Sokhna New Container Terminal, a project at the south entrance of the Suez Canal, the Hong Kong-listed port operator announced on Thursday. The operating period will be 30 years and the total investment around $375 million, it said.

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