IFC pledges USD 100 mn to oil and gas projects in Egypt

IFC pledges USD 100 mn to oil and gas projects in Egypt: The International Finance Corporation has pledged USD 100 mn to oil and gas projects being carried out by major global firms in Egypt, an Investment and International Cooperation Ministry statement says (pdf). This comes as the World Bank Group’s executive board agreed to help fund projects worth a combined USD 500 mn in Egypt’s oil and gas sector, the statement says, without providing additional detail. The IFC had announced last month it would be allocating USD 635 mn to the establishment of up to 11 solar power plants with a combined production capacity of 500 MW.