Qalaa Holdings showcased its USD 4.3 bn petroleum refinery Egyptian Refining Company (ERC) as a case study for increasing the attractiveness of private investment through policy reform at the African Investment Forum in Johannesburg earlier this month, according to a press release (pdf). “This ability to access financing from development finance institutions (DFIs), export credit agencies (ECAs) from Europe, Asia and North America as well as sovereign wealth funds from the Gulf is what made ERC possible,” Founder and Chairman Ahmed Heikal said. Initiated 12 years ago, ERC is currently in its final stages and is due to produce up to 4.7 mn tonnes of refined oil when it is fully operational in May 2019.

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