IFC provides Egypt's PICO subsidiary with $50 mn loan
The International Finance Corporation (IFC), a member of the World Bank Group, is providing a $50 million loan to Cheiron Finance Limited, a subsidiary of Egypt’s PICO International Petroleum (PIP).
The IFC announced in a statement on Thursday, that the loan aims to 'bolster energy supplies' in Egypt.
Egypt has suffered from an acute energy crunch in the past year that has limited the production capacity of energy intensive industries such as cement, fertilisers and ceramics.
Once a net exporter of fuel, Egypt has become a net importer on the back of an energy crisis and increasing domestic consumption.
"By harnessing the country's energy potential, we can spur economic growth and help bring opportunity to those who need it most," said Mouayed Makhlouf, IFC Director for the Middle East and North Africa, in the statement.