$50m to support Egypt’s energy sector

A member of the World Bank Group is investing $50 million (£31.5m) in Egypt’s energy sector. The loan from the International Finance Corporation (IFC) aims to bolster the country’s oil […]

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By Jacqueline Echevarria

A member of the World Bank Group is investing $50 million (£31.5m) in Egypt’s energy sector.

The loan from the International Finance Corporation (IFC) aims to bolster the country’s oil and gas supplies.

The demand for electricity in the country has more than doubled in the last 15 years, the IFC stated.

Egyptian oil and gas company PICO International Petroleum is using the cash to expand operations and increase production at its oil and gas fields in the Gulf of Suez.

The fields help supply Egypt’s oil and natural gas-fired power plants which provide the vast majority of the country’s electricity.

Mouayed Makhlouf, IFC Director for the Middle East and North Africa said: “As a country, Egypt is brimming with potential but it is being held back by severe power shortages. By harnessing the country’s energy potential, we can spur economic growth and help bring opportunity to those who need it most.”