CAIRO: Egypt-based investment bank EFG-Hermes announced it has partnered with InfraMed to fund a $100 million project with the Egyptian Refining Company. Trade Arabia reported that the bank, along with the leading infrastructure company in the region, is hopeful to boost infrastructure projects in the North African country. A landmark $3.7 billion refining project developed by Cairo-based private equity firm Citadel Capital, ERC is aimed at helping Egypt halve its diesel import needs, resulting in over $300 million in additional direct benefits to the state annually and spur job creation. Egyptian Fund Management Group said that the investment was made through InfraMed's wholly owned subsidiary InfraRev Holding into Orient Investment Properties, a holding company with a majority position in ERC. This equity injection represents an effective ownership of 15.6 percent in Orient and in turn, 7.5 percent in ERC. Besides Egypt's EFG Hermes, the InfraMed is supported by 4 key institutional investors Caisse des Dépôts et Consignations, Cassa Depositi e Prestiti, the European Investment Bank, Caisse de Dépôt et de Gestion in Morocco. This project marks EFMG and InfraMed's first investment in Egypt. Karim Moussa MD of EFG Hermes said that it demonstrates EFMG's outstanding ability to originate, analyse and execute deals for InfraMed in Egypt, even during periods of market volatility. In partnership with InfraMed, we are supporting Egypt's energy sector through a key investment in ERC a project developed by Citadel Capital and which reached financial close on June 14th 2012 Moussa said that Egypt is in need of substantial investments to build and upgrade its infrastructure. The financial close of ERC is a major milestone for the development of the country's energy sector. InfraMed's investment in ERC underlines its strong commitment to Egypt. Bakr Abdel Wahab director of EFG Hermes said that “This transaction demonstrates our ability to originate and execute large and complex infrastructure deals in Egypt and the region. Further, it reinforces our position as a leading infrastructure player and investor, capable of partnering with key financial and industrial sponsors."