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The funds will improve energy and water efficiency, as well as reduce GHG emissions in ODEs El Gouna development
IFC, a member of the World Bank Group, has partnered with Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding, to improve energy and water efficiency, as well as reduce greenhouse gas (GHG) emissions across several of its hotels in El Gouna, Egypt.
IFC will provide a sustainability-linked loan (SLL) worth $155 million, which comprises tranches of $96 million and €55 million. The SLL will support green improvements and growth opportunities for the developer in El Gouna, a coastal town on the Red Sea, including renovations of its Mövenpick Resort and Spa El Gouna.
The funding will enhance resource efficiency, including heat pumps, solar heaters, and conserve water responsibly at ODE hotels to reduce energy consumption by up to 50 percent from non-renewable energy sources and water usage by at least 20 percent.
Additionally, the loan will be used to refinance a portion of the company’s existing debt and improve its debt profile.
IFC will also help Orascom Development’s hotels in El Gouna achieve EDGE certification for green buildings, an IFC innovation that scales up resource-efficient buildings. |
