Egypt**  | عربي

 

NSGB participates in New Cairo WWTP financing

Aqualia, the water subsidiary of Spanish domiciled “Fomento de Construccion y Contratas”, FCC has been awarded 'Water Deal of the Year'. The award was granted by Global Water Intelligence (GWI) for the deal, contracted in 2009, which has made the biggest contribution to the advancement of public-private partnerships (PPP) in the international water sector.
 
A 15-year EGP566 million ($102 million) debt package from a club of four Egyptian banks to meet 70% of the engineering, procurement and construction cost of a new 250,000m3/d wastewater treatment project to serve New Cairo city. The balance of the EPC cost is being met through developer equity.
 
A 50:50 developer consortium of Aqualia and Orascom Construction Industries closed the financing 7 months after being awarded the $480 million 20-year build-own-operate-transfer contract by the Ministry of Housing, Utilities and Urban Development. National Sociéte Générale Bank acted as facility agent on the debt package. The IFC acted as lead advisor to the Egyptian government on the project.
 
Four banks participated in the pool: National Société Générale Bank SAE (NSGB), Commercial International Bank (CIB) Egypt SAE, Arab African International Bank SAE and Ahli United Bank (Egypt) SAE. NSGB acted as agent bank and CIB as custodian. Baker & McKenzie is the project's legal advisor. The highly sought after GWI awards are acknowledged as the top distinctions in the water industry worldwide. In 2007, Aqualia was also named 'Water Company of the Year' by GWI.

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