The International Finance Corp said on Tuesday September 13 it had signed a US$45 million, 7-year revolving credit facility with SOCO International Plc to support oil and gas exploration in Vietnam and Yemen.
The London-based company said last month the financing deal had been agreed with the private lending arm of the World Bank.
The IFC said in a statement that the investment would help to support development in these and other emerging markets.
“SOCO’s planned operations in Yemen will help stem the country’s declining oil production, a turnaround that the government has indicated is a key priority,” the IFC said.
“SOCO’s presence in Vietnam supports the country’s transition to a market-based economy and the government’s plans to improve the environment for private business and foreign direct investment,” it said.