EFG Hermes invests US$100M into Egypt refining firm

EFG Hermes, in partnership with InfraMed, is supporting Egypt's energy sector through a substantial investment in the Egyptian Refining Company 'ERC', a project developed by Cairobased private equity firm Citadel. InfraMed has invested, through its wholly owned subsidiary InfraRev Holding, US$100 million in Orient Investment Properties Ltd, a holding company with a majority position in ERC. This equity injection represents an effective ownership of 15.6% in Orient and, in turn, 7.5% in ERC.
Karim Moussa, Managing Director of EFG Hermes, one of InfraMed's investors and the on-going investment adviser of InfraMed in Egypt, noted, "Egypt is in need of substantial investments to build and upgrade its infrastructure.

The financial close of ERC is a major milestone for the development of the country's energy sector. InfraMed's investment in ERC underlines its strong commitment to Egypt. "Bakr Abdel-Wahab, Director of EFG Hermes, said, "This transaction demonstrates our ability to originate and execute large and complex infrastructure deals in Egypt and the region. Further, it reinforces our position as a leading infrastructure player and investor, capable of partnering with key financial and industrial sponsors".