Companies Arab Petroleum Investments Corp FollowDUBAI, Dec 4 (Reuters) - The Arab Energy Fund, formerly known as APICORP, plans to invest up to $1 billion over the next five years in decarbonisation technologies, the Middle East and North Africa-focused multilateral financial institution said on Monday. The planned investment and new name are part of a five-year strategy to 2028 to support the regional energy transition towards net-zero goals. "Our strategy involves diversifying investments by championing technological advancements for enhanced energy efficiencies and driving sustained decarbonisation efforts," Chief Executive of the Arab Energy Fund Khalid Ali Al-Ruwaigh said in a statement. The institution, which carries an investment grade credit rating from all the major ratings agencies, issued a five-year $750 million green bond after setting up a green bond framework in 2021. APICORP was established in 1974 by 10 Arab oil-exporting states.

Source: The North Africa Journal December 04, 2023 16:50 UTC