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CIB, IFC to participate in financing Egypt’s first inland dry port

CIB, IFC to participate in financing Egypt’s first inland dry port

ArabFinance: Commercial International Bank Egypt (CIB) (COMI) and the International Finance Corporation (IFC), affiliated to the World Bank, are set to take part in financing the 6th of October dry port, in favour of a consortium led by Elsewedy Electric (SWDY), Director PPP Central Unit at the Egyptian Ministry of Finance Atter Hannoura told Al Mal Newspaper.

A consortium comprised Elsewedy Electric, Gemrany’s DB Schenker, and 3A International has been awarded the 6th of October dry port project, the first-of-its-kind in Egypt, at an estimated cost of around $100 million.

Hannoura highlighted that the European Bank for Reconstruction and Development (EBRD) will also take part in financing the dry port project by arranging a loan worth $29.6 million (€25 million) in favour of October Dry Port Company (ODP), an Egyptian joint-stock company.

The proposed loan is a part of a total investment package worth $60 million to finance the design, development, construction, operation, and maintenance of the 6th of October dry port, he said.

Earlier this month, Minister of International Cooperation Rania Al-Mashat announced that EBRD approved a loan worth €25 million for October Dry Port Company (ODP) to finance the construction of Egypt’s first inland dry port in 6th of October City.

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04 Oct 2021
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