Egypt: EBRD commits $50m to ‘responsible energy’

The European Bank for Reconstruction and Development (EBRD) in January announced it had joined HSBC Bank Egypt in a total $100m commitment to support independent exploration and development company Improved Petroleum Recovery (IPR). The EBRD said the facility was “intended to facilitate IPR’s near-term growth strategy”, and had been “structured with an accordion feature to allow additional commitments”. It expected IPR to invest in enhanced oil recovery and other technologies, and to participate in growth opportunities including upcoming bid rounds.