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According to the bank provided information, 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. In 2021, IFC extended a debt financing package to develop a new terminal exclusively dedicated to containers (“Terminal 2”), the original project. Due to higher-than-expected volume growth, the Company is now seeking to increase the overall capacity of Terminal 2 through the procurement of new specialized port equipment and associated civil works (the “Project”).
The Project is located at the Umm Qasr port, Iraq's main maritime gateway and the only operational deep-water port currently in Iraq. The Port is located at c. 70 km south of Basra and has several terminal operators handling containers, bulk and general cargo. Terminal 1 is located at the berths 12 to 15 of the Port, and the newly developed Terminal 2 will be located at berths 23 and 24.
The total estimated Project Cost for the development of Terminal 2 is US$400 million. In 2021, IFC provided senior debt financing of US$45 million and mobilized an additional US$80 million from other lenders. For this project, IFC's contribution includes an A loan of up to US$97.74 million and the mobilization of an MCPP loan.
Aloreen is ultimately owned by Terminal Investment Limited Holding S.A. (TIL), which holds an 85% stake in the company. The remaining 15% is owned by Mr. Saad Ali, an Iraqi businessman with interests in various industries, including logistics and agribusiness.
Private Actor 1 | Private Actor 1 Role | Private Actor 1 Sector | Relation | Private Actor 2 | Private Actor 2 Role | Private Actor 2 Sector |
---|---|---|---|---|---|---|
- | - | - | - | Terminal Investment Limited Holding S.A | Parent Company | Transport |
Terminal Investment Limited Holding S.A
Paul Jaglin
Treasury and Financing Manager
+41 22 703 9279
paul.jaglin@tilgroup.com
Switzerland
www.tilgroup.com
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