Afreximbank disburses $200 million to Egyptian General Petroleum Corporation

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The African Export Import Bank (Afreximbank) has disbursed the sum of $200 million to the Egyptian General Petroleum Corporation (EGPC) to support EGPC’s investment in the Middle East Oil Refinery Company (MIDOR).

The Investment Financing Facility, disbursed during a signing and disbursement ceremony in Cairo on 1 August 2018, is also aimed at supporting EGPC’s company expansion plan which is part of Egypt’s plan to become a regional hub for exporting oil products to the Middle East region and the rest of Africa.

Denys Denya, Executive Vice President for Finance, Administration and Banking Services, signed the facility agreement on behalf of Afreximbank while Ayman Hegazy, Deputy Chairman of EGPC, signed for his corporation.

EGPC established MIDOR in 1994 and holds 98 per cent of the shares while the rest of the shares are held by the Suez Canal Bank. The refinery, located in the Ameryia Specialized Free Zone in Alexandria, is reputed to be the most advanced oil refinery in Egypt.

The refinery is working to expand its production capacity to 160,000 barrels per day by 2020.

Afreximbank’s support to EGPC is part of its effort to promote intra-African trade and industrialization and export development in Africa. Intra-African trade and industrialization and export development are among the key pillars of the Bank’s current five-year strategic plan dubbed Impact 2021: Africa Transformed.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 15 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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