EU Bank, HSBC Give $100M For Egyptian Energy Development

Law360, New York (January 17, 2014, 3:27 PM EST) -- The European Bank for Reconstruction and Development said Thursday it is joining HSBC Bank Egypt to provide a total of $100 million in funding to the Improved Petroleum Recovery Group of Companies, an independent oil exploration company, for investment in Eqypt’s energy sector.

The funding will be used to support IPRGOC’s near-term growth strategy, which includes more drilling and research into technologies to optimize production and reduce environmental impact, the EBRD said. The EBRD is committing $50 million to the funding facility.

The investment will also...
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