APICORP Recognized as “Best Multilateral Development Bank EMEA 2021” by Capital Finance International Magazine

APICORP was named “Best Multilateral Development Bank EMEA 2021” by Capital Finance International (CFI.co) magazine as part of its annual global awards. The annual award, which recognizes outstanding economic contributions and excellence by individuals and organizations from around the world, was based on APICORP’s support of the energy transition in the Arab region while navigating the challenges stemming from the COVID-19 pandemic. 

In addition to its growing funding commitment to its Member Countries in 2021 – particularly in the green and renewable energy fields and hydrocarbon-related industries – the award judges noted APICORP’s growing geographic footprint, increasingly diversified portfolio, and robust financial results. They also noted APICORP’s success in the international debt capital markets, most recently the positive results of its debut green bond – the first in MENA for an energy-focused financial institution. 

Commenting on the award, Dr. Ahmed Ali Attiga, CEO of APICORP, said, “CFI’s award is a recognition of APCIORP’s role as a multilateral development financial institution that is leading the energy transition within the MENA region. The size of our investments in environmental and socially linked assets has increased 500% since 2015 and currently comprises 15% of our overall portfolio. We look forward to continuing this momentum with US $1 billion earmarked over the next two years to bring about a cleaner, more balanced, low-carbon, and sustainable energy future.”

Following the launch of its ESG Policy Framework earlier this year, APICORP became the first energy-focused financial institution in the MENA region to issue a benchmark green bond. The issuance attracted over 80 institutional investors worldwide, 63% of whom are strictly ESG-focused investors. 

The CFI awards jury noted that as a leading multilateral development bank with a mission to develop energy-related industries in the Arab world, APICORP has expanded its vision over the years from oil and gas to include other energy-related sectors, with renewable energy being the latest addition. The jury also noted that despite the COVID-19 pandemic and pressures on oil price, APICORP increased its net income by 3% to $115m in 2020. At the same time, it continued to support sustainable impact-driven projects in member countries during the pandemic through a $500 million countercyclical package within the areas of renewables, utilities, petrochemicals, and other energy sub-sectors.