Middle East Oil Refinery (Midor) reached financial closure for the $2.2 billion expansion and upgrade program for its Alexandria refinery, according to Enterprise.

The project includes “a series of agreements with an Italian contractor supported by an Italian export credit agency,” legal advisors Zaki Hashem & Partners said.

In October, Midor signed final contracts for a $1.2 billion funding facility with BNP Paribas, Crédit Agricole, and Italy’s CDP.

Midor is ready to use the funds and start the project’s implementation phase, which will set Midor as a “major regional hub for producing and exporting petroleum products,” according to Zaki Hashem & Partners.