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Clifford Chance advises Africa Finance Corporation on its strategic investment in Egyptian petrochemicals company Carbon Holdings

27 March 2017

Clifford Chance advises Africa Finance Corporation on its strategic investment in Egyptian petrochemicals company Carbon Holdings

International law firm Clifford Chance has advised Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, on its US$25 million investment in Egyptian petrochemicals company Carbon Holdings Ltd.

AFC was formed to provide specific project structuring expertise and risk capital for the large-scale infrastructure projects that are needed across Africa to grow its economies. Now celebrating 10 years of pioneering activity in the field of infrastructure investment, AFC has invested more than US$4.5 billion in projects across 28 African countries, enabling social and economic development. AFC’s investment in Carbon Holdings will support the establishment of a robust raw materials base, and, on the longer term, contribute to the development of Egypt's manufacturing sector and job market.

Carbon Holdings’ projects include a polypropylene plant, a low density ammonium nitrate plant, as well as olefin and polymer production facilities, which are currently under development. These projects are operated by Carbon Holdings' subsidiaries, including Oriental Petrochemicals Company, Egypt Hydrocarbon Corporation and Tahrir Petrochemicals Corporation.

Clifford Chance partner Mohamed Hamra-Krouha, commented: "We were thrilled to advise AFC on this deal. This transaction is another illustration of Clifford Chance's ability to advise on complex cross-border financings in sectors that are strategic for the development of African economies."

The Clifford Chance team was led by partner Mohamed Hamra-Krouha, supported by Igor Bichenkov, senior associate, and Angad Chaturvedi, associate. All are based in the United Arab Emirates.