On the sidelines of the Africa Investment Forum 2019, held under the patronage of Egyptian President Abdel Fattah El Sisi, the Minister of Investment and International Cooperation, Sahar Nasr, inked a financing agreement with Adam Boehler, the CEO of the US International Development Finance Corporation, in the presence of Prime Minister Mostafa Madbouly, the Cabinet reported.
The agreement mainly aims at pumping investments of around $430 million.
The first accord stipulates that Noble Energy pump natural gas through the East Mediterranean Gas Company’s pipeline. The second one states that Noble will manufacture petroleum products in partnership with Egypt’s Dolphinus Holdings.
For his part, Boehler stressed that the corporation looks forward to deepening the cooperation with Egypt during the next period, clarifying that it will provide funding for startups or help extend the scope of business companies.
Moreover, the signing ceremony was witnessed by the US ambassador to Egypt, Jonathan Cohen, who commented saying, “Egypt is a strategic partner to the US. We are excited to support this critical investment in the country by an American company which will not only spur job creation and economic growth but also help provide reliable and affordable energy for the people of Egypt and others throughout the region,” according to Alborsa news.