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.
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12 May 2020
Egypt: EIB and BDC provide $100 million to finance SMEs
The EIB has signed a financing agreement of $100 million with Banque du Caire (BDC) to finance the investments of Egyptian small and medium enterprises (SMEs) in the manufacturing and services sectors to improve their competitiveness. The new financing is expected to sustain 4 000 jobs in 100 companies.