The World Bank and the International Finance Corporation (IFC) will provide $600 million for oil and gas projects in Egypt, the Minister of Investment and International Cooperation, Sahar Nasr, stated in a press release, Egypt Oil & Gas reports.

The World Bank agreed to extend $500 million in financing and the IFC an additional $100 million.

The IFC’s funding of oil and gas projects will boost the confidence of international financial institutions in Egypt’s economic future, Nasr said, adding that the IFC has already agreed to provide $625 million for the establishment of a 500 megawatt (MW) international solar power project in Egypt.