Umm Qasr Port’s US$125 Million Financing

Clifford Chance advised International Finance Corporation and Japan International Cooperation Agency on the financing.

International Finance Corporation (IFC) and Japan International Cooperation Agency (JICA) provided the financing of the development, construction, equipping and operation of both new and existing facilities at the Umm Qasr Port in Iraq. This transaction represents the first major international project financing in the Iraqi ports sector, and one of the only international financings in Iraq to date outside of the oil and gas sector.

The facilities include a new container and roll-on-roll-off terminal in the port, to be developed by Aloreen for Investment, Ltd. (Aloreen), a subsidiary of Switzerland’s Terminal Investment Limited (TIL) group, as well as the rehabilitation and expansion of certain existing facilities operated by Aloreen.

Clifford Chance’s Partner Catherine McCarthy (Picture) led the transaction with support from Arabic-speaking associate Greg Jehle as well as associates Daniel Justus and Liz Wangu in Washington, DC. Partner Qudeer Latif, senior associate Angad Chaturvedi and associate Ahmed Shafiek provided counsel from Dubai.

Involved fees earner: Angad Chaturvedi – Clifford Chance; Ahmed Choudhry – Clifford Chance; Greg Jehle – Clifford Chance; Daniel Justus – Clifford Chance; Qudeer Latif – Clifford Chance; Catherine McCarthy – Clifford Chance; Liz Wangu – Clifford Chance;

Law Firms: Clifford Chance;

Clients: International Finance Corporation; Japan International Cooperation Agency (JICA);

Author: Giulia Di Palma