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Egypt signs MOU with IFC to boost infrastructure for petroleum, natural gas sectors

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Egypt’s Ministry of Petroleum has signed a memorandum of understanding, MOU with the International Finance Corporation, IFC for the funding of infrastructure projects within the petroleum and natural gas sectors.

Egypt Today reported that the MOU is targeted at getting support for turning Egypt into a regional hub for petroleum and natural gas trade across the eastern Mediterranean region through infrastructure boost for gas activities and improving energy efficiency as well as take advantage of the associated petroleum gas, APG in the production fields.

Also, the MOU would foster support for the expansion of the refining and petrochemical industries by studying the possibility of participating in the planned new complex in the Alamein area. It will also contribute to the development of warehouses, pipelines and ports, and prepare training programs for young units.

The Ministry expressed that it was in line with its already laid down framework of to turn into a regional hub for petroleum and natural gas trade and according to Petroleum minister, Tarek el-Molla, it reflects the trust of the international funding organizations on the Egyptian economy especially after its successful economic reform program which helped international organizations to strengthen their strategic partnership with Egypt.

On his part, IFC Country manager in Egypt, Libya and Yemen Walid Labadi expressed that the company backs Egypt’s efforts to realize energy security, thorough boosting capacities, having strong energy infrastructure, provision of job opportunities, increasing the contribution of the private sector to the economy. 

He added that the IFC’s investments in Egypt recorded $1.5 billion during 2017/2018, noting that this contributed to providing jobs, improving the infrastructure and boosting the economy.

Source Egypt Today
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