IFC, a member of the World Bank Group, announced a joint effort with Egypt’s Ministry of Petroleum and Mineral Resources that aims to support Egypt in becoming a regional energy hub for the eastern Mediterranean and improve its energy infrastructure.
IFC signed a memorandum of understanding (MoU) with four leading companies within the petroleum sector to help enhance Egypt’s midstream gas infrastructure. The partnership will also assist in energy efficiency and gas flaring reduction initiatives, and support Egypt’s refinery and petrochemical sectors through private sector financing.
The partnership will see IFC working with four key entities of the energy sector: the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, the Egyptian South Valley Holding Company, and the Egyptian Holding Company for Petrochemicals.
“Egypt has the competitive advantages necessary to become a regional energy hub, and we believe the private sector can play a critical role in unlocking this potential,” said Walid Labadi, IFC Country Manager for Egypt. “IFC looks forward to working with the ministry to identify private sector investment opportunities to help strengthen vital energy infrastructure, create jobs, and foster economic growth.”
In the fiscal year 2018, IFC committed a record $1.2 billion in Egypt helping to create jobs, improve local infrastructure, and boost economic growth. Projects included a landmark investment of $653 million in the Benban solar park near Aswan, which will be the world’s largest solar array once completed, providing eco-friendly electricity to 350,000 people in Upper Egypt.
Original source: IFC
Published on 03 April 2019
