Summary of Proposed Investment
Project Number
11138
Company Name
ORASCOM CONSTRUCTION INDUSTRIES SAE
Date SPI Disclosed
Sep 27, 2001
Country
Egypt, Arab Republic of
Industry
Manufacturing
Projected Board Date
Oct 29, 2001
Status
Completed
Sector
Cement
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Jan 23, 2002
Signed : Feb 27, 2002
Invested : Jun 5, 2002
Project Description
OCI operates three main business lines: (i) construction, providing civil and electro-mechanical engineering and construction services for major projects in Egypt and the MENA region; (ii) building materials, comprising manufacturing of basic and specialized construction related products (cement, cement bags and packaging, ready mixed concrete, concrete pipes, steel structures, aluminum and glass curtain walling, paints coatings and industrial gases); and (iii) infrastructure, consisting mainly of the development of an industrial park and the adjacent port facility, and a minority shareholding in a natural gas distribution business.
The proposed IFC financing will be in the form of a corporate loan to OCI for financing its investment program in the areas of building materials and infrastructure and to strengthen its balance sheet.
The proposed investment program is expected to: (i) create over 200 new jobs in both Egypt and Algeria; (ii) enhance productivity at a newly privatized entity producing gypsum, transforming it into an efficiency driven entity under private sector ownership; and (iii) upgrade technical skills for the employees of a newly established cement plant in Algeria.
The IFC role will: (i) mobilize scarce long term financing; (ii) facilitate access of the company to a pool of international investors with long term perspective, which wouldn''t have been easy otherwise; and (iii) assure compliance with corporate disclosure standards and with environmental and social requirements.
The proposed IFC financing will be in the form of a corporate loan to OCI for financing its investment program in the areas of building materials and infrastructure and to strengthen its balance sheet.
The proposed investment program is expected to: (i) create over 200 new jobs in both Egypt and Algeria; (ii) enhance productivity at a newly privatized entity producing gypsum, transforming it into an efficiency driven entity under private sector ownership; and (iii) upgrade technical skills for the employees of a newly established cement plant in Algeria.
The IFC role will: (i) mobilize scarce long term financing; (ii) facilitate access of the company to a pool of international investors with long term perspective, which wouldn''t have been easy otherwise; and (iii) assure compliance with corporate disclosure standards and with environmental and social requirements.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Fady Kiama
Corporate Planning Manager
Orascom Construction Industries
160, 26th of July Street
Giza, Egypt
Corporate Planning Manager
Orascom Construction Industries
160, 26th of July Street
Giza, Egypt