Afreximbank provides $200 million loan to finance MIDOR expansion plans
The EGPC received a USD 200 million loan from the African Export-Import Bank (Afreximbank) on 31 July, which will be used to finance the expansion of state-owned MIDOR’s refining facility, banking sources tell Al Shorouk. The loan has a five-year tenor, they added, and Abu Dhabi Islamic Bank (ADIB) acted as financial adviser for the EGPC on the agreement. MIDOR had secured a USD 1.2 billion loan from France’s Crédit Agricole, BNP Paribas, and Italy’s CDP in 2016 to finance the USD 2.2 billion project, which will expand its refining capacity to 175k barrels of crude per day from a current 115k barrels. The project is being developed by Italy’s Technip, which had signed a USD 1.7 billion agreement with MIDOR in June. Afreximbank said in June it is planning to provide as much as USD 1 billion in funding to Egypt this year.