IFC Partners with Orascom Development to Boost Sustainability in Egypt’s Tourism

The International Finance Corporation (IFC) announced a new partnership with Orascom Development Holding’s largest subsidiary, Orascom Development Egypt (ODE). The partnership aims to enhance energy and water efficiency and reduce greenhouse gas (GHG) emissions in several hotels in El Gouna, one of Egypt’s most popular tourist destinations.

Under this partnership, IFC is providing ODE with a Sustainability Linked Loan (SLL) worth $155 million. The loan, comprising USD 96 million, will fund green improvements, including renovations at Mövenpick El Gouna.