ODE SLL

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 The proposed IFC investment is a Senior Secured Loan of: (i) up to US$96 million tranche, and (ii) up to EUR55 million tranche to Orascom Development Egypt (“ODE” or the “Company”), a leading tourism and property developer in Egypt. The proposed SLL will provide ODE with long-term financing to help implement its energy renovations, capital expenditure program, renovation of its strategic hotel assets in El Gouna, including the Movenpick Hotel, and strengthen its financial wherewithal by replacing short-term debt with more long-term patient debt (the Project).The Company has three business lines: (i) real estate development and sales, (ii) hotels development and operations, and (iii) town management. ODE operates in five main Egypt destinations; namely El Gouna, O-West, Makadi Heights, Taba Heights and Byoum. In 1997, IFC invested in Orascom Projects and Touristic Development through a loan and an equity investment, to support the expansion of El Gouna. In 2003, the tourism sector in Egypt faced difficulties and the project was delayed then repaid in April 2006. El Gouna (“the City”) is an Egyptian tourist city, is owned and developed by ODE since 1990s. It is located on the Red Sea, almost 20 kilometers north of Hurghada. There are two golf courses, 18 hotels with a total of 2,706 keys, consisting of six 5-star hotels, five 4-star hotels and seven 3-star hotels. In addition, there are four marinas for yachts, 150 restaurants operated by individuals, several health and wellness centers, educational institutions and coworking space within the City. Orascom Development Holdings (the “Parent Company”) has a hotel management company, Orascom Hotels Management (“OHM”), which operates 15 hotels in El Gouna with the other three hotels operated by international hotel brands. Town management company of ODE is responsible for management of utilities such as desalination and water treatment, wastewater treatment, backup generators, energy supply and outsourced and/or provide services such as waste management, irrigation, road cleaning, general maintenance.Renovation, subject to IFC project, will include Movenpick Hotel in El Gouna which has 420 keys. Renovation is expected to start in 2025 and to be completed in phases in three years. Hotel is operated by Movenpick ad the engineering procurement contractor (“EPC”) contractor to undertake the hotel refurbishment has not yet been selected.