Cairo – Mubasher: Omar Effendi, a subsidiary of Holding Co for Construction and Development (HCCD), has signed a settlement agreement with the International Finance Corporation (IFC) regarding its debt owed to the private sector investment arm of the World Bank as well as its share in the company's capital.
Upon the agreement, HCCD will pay $35 million to IFC as a final settlement, according to a statement released jointly by the Egyptian ministries of finance and public business sector.
Both IFC and Omar Effendi Company have to take all necessary procedures to waive the ongoing lawsuits conducted by each of them or cases related to any of the concerned agreements in order to settle the dispute.
By signing this agreement, the dispute that lasted for years between both parties is over.
In 2011, the Administrative Court ruled the suspension of the sale of Omar Effendi and the company stopped repaying the loan it received in 2007.
