Aloreen Company for Investments (“Aloreen” or the “Company”) has been operating under the commercial name of Basra Multipurpose Terminal, a multipurpose terminal (“Terminal 1”) at the Umm Qasr port (the “Port”) in Iraq. Terminal 1 has been operational since March 2016 under a 25-year concession agreement with the General Council for the Ports of Iraq. The Company is now seeking to increase its overall capacity by developing a new terminal exclusively dedicated to containers (“Terminal 2”). Once completed Terminal 2 is expected to have an annual handling capacity of approximately 400.000 twenty foot equivalent units.
The Project Cost is estimated at approximately US$200 million. IFC is expected to provide up to US$45 million in senior debt financing to the Company for IFC’s own account and help mobilize additional financing from other lenders.
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