IFC signs MoU with Egypt’s state-owned oil companies to support sector, extend financing: The World Bank’s International Finance Corporation (IFC) has signed an MoU with four state-owned petroleum companies to support Egypt’s drive to enhance the sector’s infrastructure and become a regional energy hub, it said in a statement (pdf). Signed with the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, the Egyptian South Valley Holding Company, and the Egyptian Holding Company for Petrochemicals, the agreement pledges financing for energy efficiency, gas flaring reduction, refinery and petrochemical sectors.

IFC’s Labadi backs our regional hub plans: “Egypt has the competitive advantages necessary to become a regional energy hub, and we believe the private sector can play a critical role in unlocking this potential,” said Walid Labadi, IFC Country Manager for Egypt. “IFC looks forward to working with the ministry to identify private sector investment opportunities to help strengthen vital energy infrastructure, create jobs, and foster economic growth.” The IFC aims to invest USD 5 bn in Egypt over the next five years, at an average rate of USD 1 bn per annum, IFC MENA Regional Director Mouayed Makhlouf told the local press earlier this year.

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