JEDDAH: In a move that widens its role as a multilateral development bank, the Arab Petroleum Investments Corporation (Apicorp) signed the accession agreement with the International Finance Corporation's (IFC) Master Cooperation Agreement (MCA). Apicorp is the first Arab multilateral development bank to sign IFC's MCA Accession Agreement. The government of Saudi Arabia owns a 17 percent stake in Apicorp. The Agreement enables Apicorp to partner with IFC, a member of the World Bank Group, to co-finance developing country energy projects in which Arab countries have made investments. Apicorp is owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC). IFC's Master Cooperation Agreement promotes increased collaboration with international financial institutions to help standardise steps that lenders take when co-financing projects with IFC in developing countries. Ahmed Hamad Al-Nuaimi, chief executive and general manager of Apicorp said: "We are very happy to partner with IFC to support economically vital energy projects in the developing world. Such concerted support is critical to ensure crucial projects do not get delayed in the current economic environment, especially when such delays can have an impact on economic development." "Apicorp's robust balance sheet and financial stability as well as our strong industry expertise place us in an ideal position to finance oil and gas projects. Our partnership with IFC is consistent with our strategic drive to widen our investments across the energy and petrochemical sector. Over the last few months, we have participated in financing transactions in the energy and petrochemical sector with a total value of $1.3 billion with our commitments approximating $130 million. We are now looking for new opportunities to further grow this."
