Cairo – Mubasher: The Egyptian petroleum ministry has signed a memorandum of understanding (MoU) on Wednesday with the International Finance Corporation (IFC), a member of the World Bank Group.
Upon the MoU, the IFC will contribute to financing infrastructure projects of Egypt’s oil and gas sector, according to a press release.
The agreement has been signed by Mohamed Saafan, the ministry’s first undersecretary for oil affairs, and IFC’s regional director for Egypt Walid Labadi.
The MoU aims at providing funds for Egyptian oil companies to accelerate turning the country into a regional hub for gas and oil trade in the Mediterranean region by reinforcing the infrastructure of the sector and boosting its efficiency.
Moreover, the MoU will help support expansion in the fields of refining and petrochemical industries through the new complex to be built in Alamein, as well as the development of pipelines and ports and provision of youth training programmes.
Tarek El-Molla, Egyptian petroleum minister, commented: “Coordination between Egypt and the World Bank’s members reflects the confidence of major international funds in the Egyptian economy, especially after the success of the state’s economic reform programme.”
The IFC had invested around $1.5 billion in Egypt during fiscal year 2017/2018, which improved infrastructure, pushed up the country’s economic growth, and offered people new jobs.
