ODE SLL (IFC-48740)

Countries
  • Egypt
Geographic location where the impacts of the investment may be experienced.
Specific Location
El Gouna
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 9, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
ORASCOM DEVELOPMENT EGYPT S.A.E.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 134.38 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 155.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 10, 2025

Disclosed by Bank Oct 31, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment is a Senior Secured Loan of: (i) up to US$ 96 million, and (ii) up to EUR 55 million to Orascom Development Egypt (“ODE”), a leading tourism and property developer in Egypt. The proposed SLL will provide ODE with long-term financing to help implement its energy renovations, capital expenditure program, and renovation of its strategic hotel assets in El Gouna, including the Movenpick Hotel, and strengthen its financial wherewithal by replacing short-term debt with more long-term patient debt.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed Project will have limited adverse E&S impacts that are few, site specific, reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP).                

Key E&S issues include: (a) the Company E&S management systems and staffing to manage the renovation and operation of assets in line with PSs; (b) assurance of fair, safe and healthy working conditions especially freedom of association and gender based violence; (c) contractor management and occupational health and safety (“OHS”); (d) resource efficiency (water, energy and materials efficiency) and pollution prevention; (e) life and fire safety (“LFS”); and (f) stakeholder engagement and community grievance mechanism.                       

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The total Project Cost is estimated to be up to US$ 96 million and EUR 55 million. IFC will provide (i) an A- Loan of up to US$85.4 million, (ii) an A loan of up to EUR 45.2million. of which IFC expects to share risk for EUR 20 million on unfunded basis with a credit insurer, and (iii) will mobilize US$ 10.6 million and EUR 9.8 million through Managed Co Lending Portfolio Program (“MCPP”).

IFC's Investment as Approved by the Board: Loan 134.38 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Orascom Development Egypt - Founded in 1995 by Eng. Samih Sawiris, ODE has grown to become one of the leading players in the Tourism and Property space in Egypt. ODE has a portfolio of 24 hotels with 5,055 rooms, primarily in El Gouna and Taba Heights. The Company has a total land bank of 5,025 hectares (“ha”), of which 2,415 ha has yet to be developed and 1,136 ha is under development.

ODE is listed on the Egypt Stock Exchange (“EGX”).  The Company is 75% owned by Orascom Development Holdings (“ODH”) with 25% on free float at EGX. ODH is 76.4% by Eng. Samih Sawiris family with 23.6% on free float at the Swiss Stock Exchange.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Orascom Development Egypt Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Orascom Development Egypt
Ahmed Abouelella
Director of Investor Relations
+200224617277
ahmed.abouelella@orascomdh.com
Nile City Towers, South Tower, 9th Floor 2005 A, Corniche El Nil, Ramlet Boulaq Cairo, Egypt 11221
www.orascomde.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works