Egypt's Citadel invests $183 mn in river ports

MUMBAI: Egyptian private equity firm Citadel Capital has invested $183 million in three Nile river ports and wants to invest in two more in the country.

The firm is also eyeing investments in Sudanese river ports, and plans to link its port network to Juba in southern Sudan from Egypt's northern seaport city of Alexandria within the next four or five years, a report said.

State news agency quoted Egypt's transport minister as saying Egypt hopes to boost cargo transported via the Nile to 40 million tonnes within the next five years from 2.5 million tonnes currently.

The government said in 2008 it expected an extra $8.9 billion in private investment in Egypt's transport sector over three years, and in 2009 said it wants 20% of cargo in Egypt transported via the Nile and railroads within the next four or five years.

The government will tender several river ports as part of its plan to encourage private investment.