Middle East & North Africa
Egypt / Egyptian Indian Polyester Company - Sokhna-01/India
The IFC project with the Egyptian Indian Polyester Company (EIPET) comprises the establishment of a 420,000 tons per annum greenfield Polyethylene Terephthalate (PET) resin plant in the Eldorado Integrated Development and Free Zone S.A.E. in Ain Sokhna, Egypt. EIPET is a joint venture between South Asian Petrochem Limited, an Indian based manufacturer of PET which merged with its holding company Dhunseri Tea & Industries, and the Egyptian Petrochemical Holding Company, an agency of the Government of Egypt. IFC’s commitment to the project is $35 million A Loan and up to $65 million in syndicated B Loan.
In October 2016, CAO received a complaint from several former employees of EIPET who raised concerns that the company did not meet its obligation, to pay their complete salary and severance, as agreed on termination of their employment contracts.
CAO found the complaint eligible for further assessment in December 2016 and has begun an assessment of the complaint.
The assessment of the case is underway.
Note: A CAO assessment does not entail a judgment on the merits of complaints. Rather, the aim is to listen to people's concerns, understand the different perspectives, and gauge whether it is possible to address the concerns in a collaborative process.
- Project Name & Number
- Egyptian Indian Polyester Company – Sokhna 28878
- Global Manufacturing & Services
- Egyptian Indian Polyester Company SAE
- Plastics & Rubber
- Middle East & North Africa
- Environmental Category
- $35 million A Loan and up to $65 million in syndic
- Eligible: Completed
- Assessment Period: In Process