Allen & Overy advises lenders on the Damietta port project in Egypt
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Allen & Overy (A&O) has advised a consortium of lenders including International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Asian Infrastructure Investment Bank (AIIB), Deutsche Investitions- Und Entwicklungsgesellschaft MBH (DEG) and Société de Promotion et de Participation Pour la Coopération Economique S.A. (PROPARCO) on the construction, supply of equipment, financing, operation and maintenance of the second container terminal at the Damietta Port in Egypt.
The sponsors, Eurogate, Contship Italia, Hapag Lloyd, MELC Group and Ship & C.R.E.W, have a 30-year concession to design, develop, operate and maintain the terminal.
The port of Damietta is strategically situated close to the Suez Canal, with direct road connections to Cairo, Alexandria, and the Nile Delta. This financing will support the second container terminal, tripling the port’s container capacity. The project includes the development of an environmental and social management system and delivery of a skills development programme for people living in the Damietta region in partnership with local vocational schools, with a particular focus on women’s participation in the work force.
The A&O team was led by partner and co-head of the global projects practice, Tim Scales, counsel Eleanor Milne and senior associate Urvi Gudka supported by associates Andrew Wells, Sheza Tariq and Senem Cilingiroglu in London. The cross-jurisdictional team also included partner Wolfgang Melzer and senior associate Alan Markgraf in Frankfurt, partner Kirsten O’Connell and senior associate David Odejayi in Dubai, and counsel Luca Maffia in Milan, along with colleagues based in Belfast, Dubai, Frankfurt, Johannesburg, and Milan