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." The energy sector is a capital-intensive sector where we are observing investment reductions and delays in implementation more than previous downturns. Ahmed Ali Attiga, Chief Executive Officer of APICORP, 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. 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.ĭr. 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. DAMMAM, SAUDI ARABIA - EQS Newswire - 29 April 2020 - The Arab Petroleum Investments Corporation (APICORP), 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.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |