YANMU Logistics Park, a joint venture between HAU Logistics and Agility, has secured a financing agreement with the Commercial International Bank (CIB) for its YANMU East Logistics Park project. The agreement, which was coordinated by the law firm Matouk Bassiouny & Hennawy, provides a ten-year loan of EGP 1.5bn to cover part of the project’s construction and development costs.
The project, which is located east of the Ring Road, is set to offer 161,237 square meters of gross leasable area for logistics services. It is part of the expansion plans of HAU Logistics and Agility in Egypt’s logistics sector, which aims to establish an integrated logistics platform covering the entire value chain for storage and handling services.
Amr Allam, Co-CEO of Hassan Allam Holding, the parent company of HAU Logistics, said: “We are proud of our longstanding partnership with CIB, which has been instrumental in driving the expansion of our strategic projects. The latest addition to our portfolio, YANMU East, is set to play a pivotal role and mark a momentous milestone in Egypt’s thriving logistics sector.”
Amr El-Ganainy, CIB’s Institutional Banking CEO, said: “This partnership accentuates our deep-rooted business relationship with Hassan Allam Group and we are confident that this partnership, along with the presence of Agility and A.P. Moller Capital, will have a noticeable contribution to the Egyptian market. CIB is honored to continue its pioneering developmental role in financing strategic projects with substantial importance to the Egyptian economy”.
HAU Logistics is a recently established logistics-focused investment platform between Hassan Allam Utilities and A.P. Moller Capital. Agility is a global logistics company that operates in more than 100 countries. In October, Agility announced that it is investing about $60m to develop and operate two customs and logistics centers in the Suez Canal Economic Zone.
