OFID “contributes to bridging the gap between fuel consumption and domestic production in Egypt

Media In – Vienna – 10 December 2018 / WAM /
The OPEC Fund for International Development (OFID) has agreed to provide $ 50 million in financial support to Egypt to help the government cover its crude oil needs and purchase various petroleum products and liquefied natural gas.
IFID contributes to bridging the gap between fuel consumption and domestic production in Egypt, and the Fund’s recognition that “energy security is critical to Egypt’s economic growth,” said a statement issued by the fund’s headquarters in Vienna. The OPEC Fund for International Development provided Egypt with $ 1.2 billion in development financing in the form of various types of credit financing.