EBRD funds Suez Oil Processing Company by $50M loan


Sat, 23 Nov 2019 - 01:57 GMT

European Bank for Reconstruction and Development - Courtesy of EBRD Facebook page

European Bank for Reconstruction and Development - Courtesy of EBRD Facebook page

CAIRO - 23 November 2019: The European Bank for Reconstruction and Development (EBRD) announced Saturday providing Suez Oil Processing Company (SOPC) a loan of $50 million.

EBRD added in a statement that this loan came to support the modernisation of Egypt’s oil industry by upgrading the oil refinery owned by SOPEC.

“The funds will be invested in improvements of the refinery’s operational efficiency and will enable SOPC to introduce cleaner fuel. The measures will reduce CO2 emissions by 289,000 tonnes, contributing to a better air quality in Egypt,” it clarified.

“The Bank’s support to SOPC will help realign the supply and demand of higher value added oil products and reduce the need for imports, “ it added.

EBRD President Suma Chakrabarti said in a statement Thursday that his bank is committed to supporting the government of Egypt in its development priorities and reform effort.

Chakrabarti added that the bank’s business in Egypt is growing steadily. "We are promoting sustainability and helping to forge strong links within countries and cross border here and in the other economies where we invest.”

EBRD President Suma Chakrabarti visits Egypt on Saturday, Nov. 23, to take part in high-profile meetings and participate in the Investment for Africa Forum in the country’s New Administrative Capital.

Egypt is a founding member of the EBRD. Since the start of its operations in Egypt in 2012, the bank has invested over €5.5 billion in 102 projects in the country. In 2018, Egypt was the largest economy where the EBRD invests, in terms of new commitments.



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