Middle East Economic Survey

VOL. LII

No 39

28-Sep-2009

REGIONAL

IFC Supports Oil, Gas Private Sector In MENA

The IFC, a member of the World Bank Group, has signed a $50mn financing agreement with Kuwait Energy Company aimed at accelerating the development and exploration of its oil and gas assets in Egypt and Yemen. IFCs financing package consists of a $35mn reserve based facility and a $15mn income participation facility. The financing uses a murabaha structure, commonly used in Shari'a compliant...