Hassan Allam Utilities + Agility JV bags EGP 1.5 bn from CIB for logistics park in Egypt

Yanmu Logistics Park secures USD 48.5 mn in fInancing: Yanmu Logistics Park — a joint venture between Hassan Allam Holding subsidiary Hassan Allam Utilities and Kuwaiti warehousing and industrial developer Agility — has inked an agreement with Egypt’s Commercial International Bank (CIB) for a EGP 1.5 bn (USD 48.5 mn) loan to finance the construction of Yanmu East Logistics Park, according to a press release (pdf).

Where the money will go: The 10-year loan from CIB will partially cover the construction and development costs for the project, the press release added. The park costs some USD 100 mn to build, we reported earlier.

Where is the rest of the money coming from? The park will be jointly financed by the two partners through a mixture of debt and equity, the companies had said previously.

Advisors: Matouk Bassiouny & Hennawy was the advisor who coordinated the agreement.

Background: Hassan Allam Utilities had in March formed a joint venture — dubbed Yanmu — with Kuwaiti warehousing and industrial developer Agility to set up and operate two logistics parks in Egypt — Yanmu East and Yanmu West. Yanmu East Logistics Park — which was expected to open by August — will be located on the new Cairo Suez road close to Cairo International Airport and the Ring Road. Enterprise Logistics could not confirm the status of the project with Hassan Allam Utilities ahead of dispatch time.