Continental Focus, International Reach

Egypt Signs MoU with IFC

Wednesday, April 10, 2019

A MoU between the Egyptian Ministry of Petroleum and the International Finance Corporation (IFC), was recently signed in Egypt. The MoU is for the financing of oil and gas infrastructure.

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: EGAS, EGPC, the Egyptian Holding Company for Petrochemicals, and Ganope, according to an IFC statement.

The MoU will support energy efficiency and gas flaring reduction initiatives and help Egypt’s refinery and petrochemical sectors through private sector financing.