Project Description
IFC is considering a debt investment of up to US$100 million to Orascom Construction (“OC” or the “Company”), the Egypt based construction arm of Orascom Construction Industries (“OCI”). OCI is one of the largest construction and fertilizers groups in the Middle East and Africa region and is present in over 25 countries across the world. On December 21, 2011 OCI announced the demerger of its construction business from its fertilizer business. Once demerged, OC will form a leading engineering, procurement and construction contractor targeting large industrial, commercial and infrastructure projects for public and private clients primarily in the Middle East, North Africa, and Europe.
OCI’s construction activities operate under three distinct and separate brands. Orascom Construction which includes OCI and OC targets large industrial and infrastructure projects principally in Egypt, North Africa, Saudi Arabia, UAE and Iraq. Contrack International pursues institutional projects in Afghanistan, Qatar and other markets in the Middle East and Central Asia.. OCI also owns a 50% stake in the Besix Group which specializes in large-scale commercial, industrial and infrastructure projects throughout Europe and the Middle East primarily. The construction group currently employs around 70,000 people.
The proposed investment is intended to support the working capital needs of the Company.