The Egyptian Refining Company (ERC) is building a state-of-the-art US$ 3.7 billion greenfield second-stage oil refinery in the Greater Cairo Area, which will produce over 4 million tons of refined products per annum, including over 2.3 million tons of EURO V diesel, the cleanest fuel of its type in the world. ERC’s production will be sold to the Egyptian General Petroleum Corporation (EGPC) under a 25-year off-take agreement at international prices. ERC is a partnership between Citadel Capital (the leading Egyptian Private Equity firm), its co-investors and the state-owned EGPC. The European Investment Bank is committed to support this project with a loan of USD 450 million which was signed on 9 August 2010.
What to read next
15 June 2025
Egypt and EIB Global set to deploy EU grant aimed at greening Egyptian economy
The European Investment Bank’s development arm (EIB Global) and Egypt have signed an agreement for the use of a €21 million grant to help green the Egyptian economy. The grant, funded by the European Union and managed by EIB Global, is intended to accelerate efforts by the Egyptian private and public sectors to decarbonise and promote environmental sustainability.
1 July 2024
EIB Global backs €271 million Egyptian climate action, environmental pollution and carbon border business financing scheme
At the EU-Egypt Investment Conference in Cairo, the European Investment Bank (EIB Global) announced support for a €271 million businesses financing scheme to enable industrial companies across Egypt to cut pollution, improve energy efficiency, increase renewable energy use, scale up circular economy business practices, and strengthen environmental standards.