{"id":461773,"date":"2018-08-06T23:19:55","date_gmt":"2018-08-06T22:19:55","guid":{"rendered":"https:\/\/en.financialafrik.com\/?p=461773"},"modified":"2018-08-06T23:19:55","modified_gmt":"2018-08-06T22:19:55","slug":"afreximbank-disburses-200-million-to-egyptian-general-petroleum-corporation","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2018\/08\/06\/afreximbank-disburses-200-million-to-egyptian-general-petroleum-corporation\/","title":{"rendered":"Afreximbank disburses $200 Million to Egyptian General Petroleum Corporation"},"content":{"rendered":"
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The African Export-Import Bank (Afreximbank)\u00a0<\/span>has<\/span>\u00a0disbursed the sum of $200 million to the<\/span>\u00a0Egyptian General Petroleum Corporation\u00a0<\/span>(<\/span>EGPC<\/span>)<\/span>\u00a0to support\u00a0<\/span>EGPC\u2019s\u00a0<\/span>investment in the Middle East Oil Refinery Company<\/span>\u00a0(MIDOR)<\/span>.<\/span><\/u><\/u><\/p>\n

\u00a0 \u00a0 The\u00a0<\/span>Investment Financing Facility<\/span>, disbursed during a signing and disbursement ceremony in Cairo on 1 August,<\/span>\u00a0is also aimed at supporting\u00a0<\/span>EGPC<\/span>\u2019s<\/span>\u00a0company expansion\u00a0<\/span>plan\u00a0<\/span>which\u00a0<\/span>is part of<\/span>\u00a0Egypt\u2019s plan to become a regional hub for exporting oil products to the\u00a0<\/span>Middle East\u00a0<\/span>region and\u00a0<\/span>the rest of\u00a0<\/span>Africa<\/span>.<\/span><\/u><\/u><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/a>Denys Denya<\/span>,\u00a0<\/span>Executive Vice President<\/span>\u00a0(<\/span>Finance, Administration and Banking Services<\/span>)<\/span>,<\/span>\u00a0<\/span>signed the facility agreement on behalf of\u00a0<\/span>Afreximb<\/span>ank while\u00a0<\/span>Ayman Hegazy<\/span>,\u00a0<\/span>Deputy Chairman of EGPC<\/span>, signed for his corporation.<\/span><\/u><\/u><\/p>\n

<\/u>\u00a0<\/u><\/span><\/p>\n

EGPC\u00a0<\/span>established\u00a0<\/span>MIDOR<\/span>\u00a0<\/span>in 1994<\/span>\u00a0and holds<\/span>\u00a098<\/span>\u00a0per cent\u00a0<\/span>of the\u00a0<\/span>shares<\/span>\u00a0while<\/span>\u00a0<\/span>t<\/span>he rest of the shares are held by the<\/span>\u00a0Suez Canal Bank.\u00a0<\/span>The refinery<\/span>,\u00a0<\/span>located in the Ameryia\u00a0<\/span>S<\/span>pecialized\u00a0<\/span>F<\/span>ree\u00a0<\/span>Z<\/span>one in Alexandria,<\/span>\u00a0is<\/span>\u00a0re<\/span>puted to be<\/span>\u00a0the most advanced oil refinery in Egypt.\u00a0<\/span>It<\/span>\u00a0has 16 production units<\/span>,<\/span>\u00a0with a combined maximum refining capacity of 100,000 barrels\u00a0<\/span>per<\/span>\u00a0day<\/span>,<\/span>\u00a0<\/span>and is reported to\u00a0<\/span>ha<\/span>ve<\/span>\u00a0refined\u00a0<\/span>about<\/span>\u00a037 million barrels<\/span>\u00a0as at<\/span>\u00a0<\/span>the end of 2017<\/span>.<\/span><\/u><\/u><\/p>\n

The refinery is working\u00a0<\/span>to<\/span>\u00a0expand its production capacity to 160,000 barrels\u00a0<\/span>per<\/span>\u00a0day by 2020<\/span>.<\/span><\/u><\/u><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>Afreximbank\u2019s support to EGPC is part of its effort to promote i<\/span>ntra-African trade and industrialization and export development\u00a0<\/span>in Africa<\/span>.<\/span>\u00a0<\/span>I<\/span>ntra-African trade and industrialization and export development\u00a0<\/span>are among the key pillars of\u00a0<\/span>the B<\/span>ank\u2019s current five-year strategic plan dubbed\u00a0<\/span>Impact 2021:<\/i><\/span>\u00a0<\/i><\/span>Africa Transformed<\/i><\/span>.<\/span><\/u><\/u><\/p>\n

—–<\/span><\/p>\n

<\/u>\"Picture<\/u><\/u>\"Picture<\/u>Follow us on Twitter:\u00a0<\/span>@<\/u><\/span>Afreximbank\u00a0\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Like us on Facebook:\u00a0Afreximbank<\/span><\/p>\n

<\/u>\u00a0<\/u><\/span><\/p>\n

About Afreximbank:\u00a0<\/b><\/span>The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody\u2019s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit:\u00a0<\/i><\/span>www.afreximbank.com<\/a><\/span><\/p>\n<\/div>\n

The contents of this e-mail and of any attachments are confidential and privileged and are intended for the attention and use solely of the addressee(s). The contents do not necessarily represent the official view(s) of the African Export-Import Bank (Afreximbank). In the event that you are not named as an addressee, please notify the sender immediately, permanently delete the e-mail and any attachments, and do not disclose, disseminate, store or circulate either in whole or partial the contents of this e-mail or any attachments. Afreximbank will not accept any liability whatsoever for any loss or damage by reason of viruses affecting this e-mail.<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

The African Export-Import Bank (Afreximbank)\u00a0has\u00a0disbursed the sum of $200 million to the\u00a0Egyptian General Petroleum Corporation\u00a0(EGPC)\u00a0to support\u00a0EGPC\u2019s\u00a0investment in the Middle East Oil Refinery Company\u00a0(MIDOR). \u00a0 \u00a0 The\u00a0Investment Financing Facility, disbursed during a signing and disbursement ceremony in Cairo on 1 August,\u00a0is also aimed at supporting\u00a0EGPC\u2019s\u00a0company expansion\u00a0plan\u00a0which\u00a0is part of\u00a0Egypt\u2019s plan to become a regional hub for exporting<\/p>\n","protected":false},"author":527180,"featured_media":461774,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12000,12065],"tags":[2360,15263],"class_list":["post-461773","post","type-post","status-publish","format-aside","has-post-thumbnail","category-banks-insurance","category-press-releases","tag-afreximbank","tag-petroleum-corporation","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"\nAfreximbank disburses $200 Million to Egyptian General Petroleum Corporation - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. 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