EUR 153 million from EIB for energy, environment projects in Egypt

The European Investment Bank is advancing EUR 128.25 million to Egypt for gas and oil projects and EUR 25 million for a project for the protection of the environment in the Red Sea area.

The total EIB financing to Egypt in the last five years amounts to some EUR one billion, making Egypt one of the main beneficiaries of EIB assistance in the Mediterranean region. With a EUR 100 million loan to Misr Oil Processing Company (MOPco), the EIB will play a catalytic role in the financing of a hydrocraker and related process equipment at the Nasr Oil Refinery close to Suez, on the Gulf of Suez.

The project, which will benefit from large private sector input, will contribute to a more rational use of energy and lead to an improvement in the environmental quality of fuels.