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A Massachusetts company is selling US$8.5mn of transportation security equipment to the Egyptian port of Sokhna, backed by a US$7.9mn loan guarantee from US Ex-Im Bank.

Sokhna Port Development Company, Egypt’s first private port located east of Cairo on the Red Sea, is purchasing from American Science and Engineering (AS&E), a high-energy X-ray system to inspect large sea containers, and two parcel X-ray systems to inspect small cargo.

Under Ex-Im Bank’s special Transportation Security Exports Program, US companies can receive enhanced financing terms when exporting equipment, technology and services to countries seeking to improve the security of their cross-border transportation systems. The programme covers such equipment as baggage scanners and ID systems for secure entries. The enhancements under the programme include maximum allowable repayment terms under OECD guidelines, and support of local costs in the buyer country up to 15% of the US net contract value.

The guaranteed lender on the transaction is HSBC Bank in London.