(MENAFN) Arab Petroleum Investment Corporation (Apicorp) said that due to the political upheaval that hit many Arab countries, external financing for energy projects in the Middle East and North Africa (Mena) was negatively affected by the events, reported Emirates 24/7.
Apicorp added that in the next few years, internal funding for energy projects in the Mena area would be forecasted to reach 57 percent, whereas the rest 43 percent would be financed from equity capital markets, bonds and Sokuk and bank loans.
The Dammam based agency also said that between the years 2011 and 2015, the yearly demand for loans in the energy sector would be in the range of USD41 billion to USD53 billion depending on the rate at which shelved or postponed projects would be brought back for financing.
On the other hand, it said that MENA external financing in 2010 reached USD101 billion for all industry groups representing a mere 3 percent of the corresponding USD3,412 billion international external financing.
It is worth noting that external financing will continue to be provided by local and foreign banks, multilateral and regional development banks, in addition to government backed export credit agencies and domestic development funds.