The Egyptian Refining Company (ERC) has closed a US$3.7 billion financing package to develop a greenfield petroleum refining project outside Cairo. Financing for the project, led by Citadel Capital SAE, a Cairo-based private equity firm investing in the Middle East and Africa, will include US$2.6 billion in debt and US$1.1 billion in equity. In addition to Citadel Capital SAE (US$155 million, 12 percent ownership), investors in the project include the Egyptian General Petroleum Corporation (US$270 million, 24 percent), Qatar Petroleum International (US$362 million, 28 percent), International Finance Corporation (US$85 million, 6.4 percent), Dutch development bank FMO (US$29 million, 2.2 percent), German development bank DEG (US$26 million, 2 percent) and the InfraMed Fund (US$100 million, 7.5 percent), a MENA-focused infrastructure fund advised by Egyptian investment bank EFG Hermes.