The African Development Bank Group (“AfDB”), on 2 February 2021, issued a sanction decision against Mitsubishi Heavy Industries, Ltd. (“MHI”).
This matter arises in the context of the Abu Qir 1300 MW Steam Power Project (hereinafter referred to as the “Project”) in Egypt. On 15 January 2008, the Bank entered into a loan agreement with the Arab Republic of Egypt to finance part of the Project which had a broad objective of improving the electricity supply in Egypt. MHI, as part of a consortium, submitted a bid and was awarded the contract. […]
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