Egypt signs $800m financing deal with ITFC to support energy sector

The agreement was discussed during a meeting between Petroleum and Mineral Resources Minister Karim Badawy and ITFC Chief Executive Officer Adeeb Y. Al Aama, according to a ministry statement.

Badawy said the Arab Petroleum Pipeline Company (SUMED) represented “a successful model of Arab integration and cooperation,” highlighting its role in linking Gulf oil supplies with the Mediterranean and supporting regional energy security.

He added that the SUMED area’s infrastructure helps secure domestic supplies of petroleum products and liquefied natural gas.

The two sides also discussed expanding cooperation beyond existing financing programmes to include renewable energy, green energy, and liquefied natural gas projects, the ministry said.

Al Aama described Egypt as a strategic partner for the corporation, adding that total financing provided to EGPC had reached about $16 billion.

He also invited Badawy to attend the annual meetings of the Islamic Development Bank Group, scheduled to be held in Baku.