August 5, 2020
Ibrachy Legal Consultancy advises the IFC, EBRD, CIB and Bank Audi Egypt in relation to their financing of a bulk liquid terminal in Egypt
Ibrachy Legal Consultancy is happy to announce the successful closing of a USD 45 million tranche of a USD 301 million financing provided by the International Finance Corporation, the European Bank for Reconstruction and Development, the Commercial International Bank Egypt and Audi Bank Egypt through senior and mezzanine facility packages made to Sonker Bunkering Company S.A.E.
This financing, in which Ibrachy Legal consultancy has played the role of the local counsel to the lending banks, is made to partially finance a bulk liquid terminal with total project cost of USD 504 million made by Sonker Bunkering Company S.A.E. in relation to the construction and operation of Bulk Liquids Terminal and ancillary facilities at the third basin of Sokhna Port, Egypt for the import and storage of gasoil, LPG and LNG.
Our role which extended for more than five years covered the usual scope of work of local legal advisors to the lenders in a project finance projects of this type including the conduct of a due diligence on the project company, its concession rights and its licenses and permits. It also covered advising on the legality and enforceability of the finance documents as well as the security packages and the continuity of such security. Such role undertaken by a team lead by Ashraf Elibrachy, a senior partner of the firm and supported by Ahmed Baraka, senior associate who took charge of the day to day work on the project.
This project is meant to enhance Egypt’s energy supply by providing the necessary infrastructure that would allow Egypt to meet its growing requirement for gasoil, LPG and natural gas imports.