Apricorp, IFC to finance projects

Arab Petroleum Investments Corporation (Apicorp) has tied with an International Finance Corporation (IFC) unit to co-finance energy projects in Arab countries.

A press statement said on Monday that Apricorp – which 17 per cent owned by the UAE government - has signed the Accession Agreement with IFC’s Master Cooperation Agreement (MCA).

IFC’s Master Cooperation Agreement promotes increased collaboration with international financial institutions to help standardise steps that lenders take when co-financing projects with IFC in developing countries.

Ahmed Hamad Al-Nuaimi, Chief Executive and General Manager of Apicorp, said: “Over the last few months, we have participated in financing transactions in the energy and petrochemical sector with a total value of $ 1.3 billion with our commitments approximating $130 million. We are now looking for new opportunities to further grow this.”

He said such concerted support is critical to ensure crucial projects do not get delayed in the current economic environment, especially when such delays can have an impact on economic development. Many Arab states have oil and gas investments spanning the globe; the agreement with IFC will enable Apicorp to support these investments efficiently.

Apicorp is owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC).