WB Group to pump investments into Egypt’s oil sectors

The World Bank (WB) Group has agreed to pump direct investments worth USD 500,000 into promising projects in the sectors of oil and natural gas, Investment and International Cooperation Minister Sahar Nasr said on Tuesday.

The International Finance Corporation (IFC)’s executive board has approved a fund of USD 100 millions to contribute to the projects that will be carried out by major international companies.

The IFC’s contribution to these projects reflects the great trust of international financial institutions and private businesses in the future of Egypt’s economy, especially in the energy sector, Nasr asserted.

In June, the IFC has approved a finance of USD 625 millions to establish the world’s biggest project on solar power production in Egypt.

Also, Nasr thanked the WB Group for its continued support of the Egyptian economy, stressing the new finance comes within the context of the ongoing cooperation between the government and the IFC.

The finance proves the successful steps taken by the government recently to create a modern legislative environment, which in turn could help attract foreign investments and make good use of promising opportunities offered by the country’s economy, Nasr noted.

Source : Mena