Cairo - Mubasher: IFC, a member of the World Bank Group, said it will provide a financing package of $144 million to Egypt - based Sonker Bunkering Company.

The move aims to boost the performance and competiveness of Egypt’s ports, as well as contribute in the development of vital new energy infrastructure.

IFC’s financing - including a loan of up to $70 million, $52 million mobilized from partners, and $22 million in mezzanine financing - will go toward the development of Egypt’s first private Liquid Bulk Terminal at Sokhna Port on the Red Sea.

The financing is alongside a $72 million senior loan and $22 million mezzanine loan from the European Bank for Reconstruction and Development (EBRD), and a $72 million equivalent loan from the Commercial International Bank (CIB).

The new facility will handle the import of three essential energy products, liquid petroleum gas, gasoil, and liquefied natural gas, as the demand for all three is expected to continue to rise over the next few years as the need for power increases amid continued population growth.

The investment is part of World Bank Group strategy in Egypt to encourage private investment and support job creation in a key infrastructure sector, while providing much-needed long-term foreign currency financing and helping to address the country’s energy security issue.

From 2011 through 2015, IFC’s investments in Egypt totaled close to $1.2 billion, including mobilization funds. These investments covered 18 projects across a host of sectors, including financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and health care.