APICORP: Middle East and North Africa (MENA) energy investments to exceed USD805 bn over next five years africanews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from africanews.com Daily Mail and Mail on Sunday newspapers.
Net income increased to USD115 mn despite fallout from COVID-19 pandemic; Balance sheet grew by
7.5% to USD7.89 bn; Corporate Banking and Treasury & Capital Markets portfolios up 6% and 13%, respectively; Improvement in key financial and risk metrics, including highest ever liquidity ratio (349%) and capital adequacy (31%).
The Arab Petroleum Investments Corporation (APICORP) (www.APICORP.org), a multilateral development financial institution, announces that its Board of Directors recommended to the General Assembly the approval of its financial results for the year ended December 31, 2020. Continuing its record performance, the Corporation posted a 3% year-on-year (y-o-y) rise in net income despite the fallout of the unprecedented COVID-19 global crisis – from USD112 mn in 2019 to USD115 mn in 2020.
Content provided by Last updated: 10/02 - 11:40
Bond issuance will further bolster APICORP’s (www.APICORP.org) capital and liquidity positions to continue executing its mandate for the sustainable development of the Arab energy sector; Bond issuance achieved APICORP’s lowest ever spread and yield at +69 basis points and 1.26%, respectively; Bond issuance was more than 2.5 times oversubscribed and attracted more than $2 billion in orders from over 65 investors worldwide, reflecting strong investor trust amid uncertain times.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, today announced the successful issuance of a benchmark $750 million dollar-denominated five-year bond aimed at further bolstering the Corporation’s business operations and capital and liquidity positions.
The race for hydrogen is accelerating the penetration of low-cost renewable energy sources; Role of private sector financing still hinges on sector reforms and government guarantees; Renewables and nuclear technologies claimed higher share in power supply mix due to the COVID-19 pandemic; Committed investments in MENA power sector hold relatively steady while planned investments decline by USD 114 billion compared to last year’s outlook due to commissioning of several projects in 2019; Future demand and investments in the power sector will be largely determined by the power market structure, policy efficiency and sector digitalization; Ensuring energy security through regional electricity integration regains importance.