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Kuwait Energy Group, an independent exploration and production company, has secured a US$50 million loan from the International Finance Corporation (IFC).
The loan is for the firm to accelerate the development and exploration of its oil and gas assets in Egypt and Yemen, as well as promote good environmental and social management.
“We are benefiting greatly from IFC’s expertise at this early stage of our company’s growth. IFC executes highly customised financing and are providing us valuable advice with environmental and social management,” said Kuwait Energy CEO Sara Akbar.
“We are proud to be working with an organisation that helps guide us in implementing the best environmental and social management practices.”
The loan consists of a $15 million income participation facility and a $35 million reserve based facility and will mark the first time the IFC has financed a Kuwaiti company.
“This transaction provides a unique opportunity for IFC to support a new class of local private oil and gas companies in the Middle East and North Africa, that are expanding regionally and providing valuable jobs and revenues to governments,” reports IFC global head for oil and gas Lance Crist.
