Middle East Oil Refinery (Midor) has signed the final contracts for a $1.2 billion syndicated loan from Italy’s CDP, France’s BNP Paribas, and Crédit Agricole, Egypt Oil & Gas reports.

The agreement was signed by the three European banks, as well as the National Bank of Egypt (NBE) and the National Bank of Abu Dhabi, which are the financial advisors for the Mido project.

The loan will part-finance the $2.3 billion Midor expansion project, which aims to boost the refinery’s capacity by 60%.

The contract’s signing was attended by Minister of Petroleum, Tarek El Molla, Italian Ambassador to Egypt, Giampaolo Cantini, and head of Italy’s Servizi Assicurativi del Commercio Estero (Sace), which acts as the loan’s guarantor. In addition, heads of the lending banks, NBE, the National Bank of Abu Dhabi, Technip, Enppi, and Petrojet were in attendance.