DFF- Project Axis (EBRD-52163)

Countries
  • Egypt
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 28, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Orascom Construction S.A.E
The holder of the loan, grant, or other investment.
Sectors
  • Construction
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, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 11, 2020

Disclosed by Bank Sep 10, 2020


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Can you contribute information about this project?
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Project Description

According to bank documents, the investment is a provison of a USD 25 million two year working capital loan (the "Loan") to support Orascom Construction S.A.E (the "borrower" or the "Company") working capital needs in Egypt amidst the COVID-19 pandemic crisis.

Support the Company's working capital requirements. The Company is expecting higher working capital needs as result of the COVID-19 pandemic. During the first quarter of 2020 the Company already experienced the effects of partial lock down in addition to social distancing and health and safety requirements at the project sites. A two year USD working capital facility will improve the Borrower's financial resilience to withstand the potential negative implications of the COVID-19 pandemic.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
Contact Information

Nader Ragheb
Nader.Ragheb@orascom.com 
2005A Corniche El Nil, Nile City South Tower, 25th Floor, Cairo - Egypt 11221

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en 

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html