Original disclosure @ EBRD website
Updated in EWS May 6, 2022
Disclosed by Bank Jul 26, 2021
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According to bank provided information, the investment involves the provision of a senior loan of up to USD 29.6 million (EUR 25 million) in favour of October Dry Port Company (the "Borrower" or the "Company" or "ODP"), a joint stock company established in Egypt. The proposed loan is part of a total investment package of USD 60 million to finance the design, development, construction and operation and maintenance of the 6th of October Dry Port ("DP6"), the first in land dry port in Egypt in the city of 6th of October, west of Cairo (the "Project").
The Project will be the City's "trigger investment" under EBRD Green Cities Framework 2 Window 2 ("GrCF2 W2") formally initiating 6th of October's participation in the programme and enabling the start of the development of the Green City Action Plan ("GCAP") with the New Urban Communities Authority ("NUCA") for the 6th of October City.
The proposed Project will be the first PPP in the sector and will finance the development and construction of the 6th of October Dry Port Project ("DP6"), the first inland dry port in Egypt providing support to the existing port infrastructure and logistics market. DP6 will function as an extended gateway for the deep-sea ports located in the northern and eastern regions of Egypt. DP6 will be the final destination of the cargoes and will (i) provide efficient customs inspections and clearance procedures, (ii) reduce congestion in the seaports, (iii) create economies of scale by using intermodal rail services to/from the seaports and (iv) improve the overall reliability and cost-efficiency of the logistics processes of the dry port's future clients. Additionally, the Project is also expected to transfer part of the container traffic from road to railway, thus realising many social, environmental and economic benefits such as reduced road congestion, accidents and environmental emissions. In particular, the Project will lead to significant GHG savings and air pollutants reductions and is therefore consistent with the Green Economy Transition ("GET") Approach and is 100 % GET.
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