"EBRD strengthens safety and environmental standards in Egypt's energy sector", 03 December 2015

For the first time in the southern and eastern Mediterranean (SEMED) region the European Bank for Reconstruction and Development (EBRD) led and arranged a syndicated loan, consisting of a loan facility of up to US$170 million to Advanced Energy Systems SAE (ADES), an independent Egyptian oil services company. As part of the facility the EBRD is extending US$28 million to ADES, supporting a company that applies the best environmental, health and safety (EHS) standards in the local oil and gas industry... The EBRD package of a targeted loan and policy dialogue will address these issues. The loan will help ADES improve compliance with the highest environmental, health and safety (EHS) standards through annual certification to international ISO and OHSAS standards. A corporate governance action plan will also be implemented, thereby setting standards for business conduct in the industry. Technical cooperation funds will be mobilised to assist the Egyptian authorities in bringing national EHS regulation up to internationally recognised standards and supporting capacity-building within Egyptian companies...