The Egyptian Ministry of Petroleum signed a memorandum of understanding with the International Finance Corporation (IFC), a member of the World Bank (WB), for financing oil and gas infrastructure projects that support Egypt’s strategy to become a regional oil and gas trading hub, Egypt Oil & Gas reports.
The MoU was signed by Mohamed Saafan, First Undersecretary of the Ministry; and Walid Labadi, Country Manager of IFC Egypt, in attendance of Minister of Petroleum, Tarek El Molla.
According to the MoU, the IFC will provide funds for the Egyptian petroleum sector’s companies to support Egypt’s hub strategy through enhancing gas activities’ infrastructure and supporting refining and petrochemical industries.
IFC will be working with four key entities of the energy sector: the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), the Egyptian Holding Company for Petrochemicals, and Ganoub El Wadi Petroleum Company (Ganope), IFC announced in a statement.
The MoU will support energy efficiency and gas flaring reduction initiatives, and help Egypt’s refinery and petrochemical sectors through private sector financing.