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PFI/PPP And Project Finance

Public Private Partnership has developed over the years to become one of the most important methods for building infrastructures; Egypt as a developing country demands more involvement of private sectors to help build economic infrastructure projects.

Such partnership involves a great number of risks for both the Public Authority and Investors resulting in allocating risks to both parties with a focus on transferring most of the risks to the Investors’ end.

With the existence of Lenders as an essential factor for financing projects, only certain types of risks are borne by the Project Company while the rest is re-allocated either on a back-to-back basis to Subcontractors or back to the Public Authority.

At I&D, we handle all projects across all sectors including but not limited to transportation, energy, education, and health; by executing each step to completion:

  • Conducting all needed legal due diligence
  • Bidding and tendering for PPP projects
  • Establishment of the Specific Purpose Vehicle (SPV) and acquirement of all its permits
  • Negotiating and reviewing all PPP agreements and financing documents including syndicated loans, interest rates (swap, cap or collar), and bonds issues.
  • Drafting, negotiating, and reviewing all project related subcontracts

Sample of the deals in which I&D was involved include:

  • Power & Energy Infrastructure: Working with the international law firm, Cleary Gottleib Steen & Hamilton LLP as a local legal advisor of Arcelor Mittal, the world's largest steelmaker, to win the tender put out by the Egyptian government to build direct reduced iron (DRI) and billet steel factories. Finalized all stages in the process, from prequalification through to the winning of the auction.
  • Represented the IFC together with three international banks in the largest private power investments in Egypt to date related to the development, construction and operation of two 682.5 MW steam generation plants.
  • Ports / Terminals: participated in the representation of a bidder seeking to purchase from Edison its interests in the West Delta Deep Marine LNG project.

Acted as the legal advisors of Hutchison Port Holding ("HPH") in relation to the Alexandria Port Authority Project for the Conversion, Construction, Management and Operation of Certain Container Terminals at Alexandria and El Dekheila Ports.

  • PPP Experience: acted in one of the biggest PPP project carried out in 2007 between Siemens and the Public Transportation Authority (PTA) in Alexandria initiated to ameliorate the public transportation in Alexandria with different aspects including the equipment manufacturing, the installation and the professional formation.
  • Roads: advised a bidder in relation to the Concession to Upgrade Cairo/Alexandria/ Matrouh Desert Road from GARBLT.
  • Waste Management Facilities: in close coordination with the Indian based law firm AZB & Partners, acted in advising TATA Chemicals Limited a subsidiary of Tata Sons, a leader international chemicals company, in the competing acquisition of the Egyptian Fertilizers Company.

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