APICORP announces USD 500 million to member countries in COVID-19 Recovery Support
April 29, 2020
APICORP will also expand its trade finance support to its Member Countries within the broader objective of reducing the fiscal and current account pressures
The Arab Petroleum Investments Corporation (APICORP) (www.APICORP.org), a multilateral development financial institution, announced today that it has launched a USD 500 million countercyclical support package aimed at supporting its clients in Member Countries and the region in the energy sector mitigate the impact resulting from the COVID-19 pandemic as well as oil price fluctuations.
The USD 500 million package will be deployed to support sustainable impact-driven projects by extending funding for projects and working capital within the areas of utilities, renewables, petrochemicals, amongst other energy sub-sectors. APICORP will also expand its trade finance support to its Member Countries within the broader objective of reducing the fiscal and current account pressures caused by current market conditions
Dr. Ahmed Ali Attiga, Chief Executive OfficerofAPICORP, said: “In these challenging times, and whilst our Member Countries are fighting the spread of COVID-19, and its spillover effects, APICORP is committed to fulfilling its development mandate. The energy sector is a capital-intensive sector where we are observing investment reductions and delays in implementation more than previous downturns. As a trusted financial partner, APICORP will play a countercyclical role to address the funding shortfalls that may occur to our partners in the region as they work to meet planned commitments in critical projects and operations.”
He added, “Support for the energy and related sectors, in our member countries and beyond, helps to guarantee energy security and access to finance in these times of crisis. We will be working with other multilateral development banks and financial partners to mobilize funding and mitigate the impact on these countries.”
APICORP, rated Aa2 with stable outlook by Moody’s, recently announced a landmark increase in callable capital to USD8.5 billion, as well as a significant increase in authorized and subscribed capital. This increase further bolsters APICORP’s financial sustainability and resiliency.
The Arab Petroleum Investments Corporation (APICORP) (www.APICORP.org) is a multilateral development financial institution established in 1975 by an international treaty between the ten Arab oil exporting countries. It aims to support and foster the development of the Arab world’s energy sector and petroleum industries. APICORP makes equity investments and provides project finance, trade finance, advisory and research. APICORP is rated “Aa2” with stable outlook by Moody’s and its headquarters is in Dammam, Kingdom of Saudi Arabia.
*Source .Arab Petroleum Investments Corporation (APICORP)
Nkemnji Global Tech
Featured
Cameroon: Security Beefed up Ahead of CHAN Tournament
Pan African Visions | January 16, 2021 5:56 am
Cameroon: Nkafu Policy Institute Publishes Report on the Effect of BEAC’s Monetary policy
Pan African Visions | January 16, 2021 5:49 am
What happened to Turkana oil exploration, Kenyans ask amid hike in Fuel prices
Pan African Visions | January 16, 2021 3:15 am
OUT NOW! 2nd Edition of “Billions At Play” charts recovery path for African Oil & Gas Sector
Pan African Visions | January 14, 2021 4:59 pm
Recent News
-
Senegal already produces Gas: Investors should look Onshore
January 16, 2021 6:14 am
-
Cameroon: Security Beefed up Ahead of CHAN Tournament
January 16, 2021 5:56 am
-
Cameroon: Nkafu Policy Institute Publishes Report on the Effect of BEAC’s Monetary policy
January 16, 2021 5:49 am
-
What happened to Turkana oil exploration, Kenyans ask amid hike in Fuel prices
January 16, 2021 3:15 am
-
CHAN 2021: A Look at the Major Contenders for the Trophy
January 16, 2021 3:00 am
Leave a Reply