The African Development Bank (AfDB) has lent $225 million to the Egyptian Refining Company (ERC), owned 85 per cent by private investment firm Citadel Capital, the bank said.

Two loans approved by the AfDB will enable the ERC to build and operate a new hydro-cracking and coking facility at its Cairo Oil Refinery Company (CORC), the bank said in a statement.

It will use low-quality atmospheric residue from CORC as feedstock and produce 4.8 million tons of refined products per year for the domestic market. – Reuters