{"id":9179,"date":"2021-12-12T11:30:37","date_gmt":"2021-12-12T11:30:37","guid":{"rendered":"https:\/\/cfi.co\/awards\/?p=9179"},"modified":"2021-12-14T11:47:56","modified_gmt":"2021-12-14T11:47:56","slug":"the-arab-petroleum-investments-corporation-apicorp-best-multilateral-development-bank-emea-2021","status":"publish","type":"post","link":"https:\/\/cfi.co\/awards\/middle-east\/2021\/the-arab-petroleum-investments-corporation-apicorp-best-multilateral-development-bank-emea-2021\/","title":{"rendered":"The Arab Petroleum Investments Corporation (APICORP): Best Multilateral Development Bank EMEA 2021"},"content":{"rendered":"
\"APICORP

APICORP Senior Management with CFI.co Award<\/p><\/div>\n

APICORP<\/a><\/span>\u2019s is a leading multilateral development bank based in Saudi Arabia. Its mission is to develop energy-related industries in the Arab world. It was created by an agreement between the ten member states of the Organisation of Arab Exporting Countries (OAPEC) in 1974. Originally focused on oil and gas, it has expanded its vision over the years to include outstanding renewable energy projects. It has $8.1bn in assets and has a credit rating of AA from Fitch and Aa2 from Moody\u2019s. It is the only financial institution in MENA to have two \u201cAA\u201d ratings. Despite the pandemic and pressures on the oil price, APICROP increased net income by 3 percent to $115m in 2020. This was an impressive result and in contrast to the decreases experienced by most other MDBs. Its headline project in 2020 was the launch of a $500m countercyclical support package for the energy sector in member countries. This included a 20 percent equity stake in the Jordan Wind Project Company, the first utility-scale wind farm in MENA. The CFI.co judges also note the increasing funding commitment by members (authorised capital now up to $20bn) and APICORP\u2019s increasing sophistication in the debt market. It issued its first benchmark bond in June for $750m, attracting orders of $1.1bn. The bond had the lowest spread in the region compared to peer organisations since the pandemic. The CFI.co judges are delighted to present APICORP the 2021 award Best Multilateral Development Bank (EMEA).<\/p>\n

\"APICORP\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

APICORP\u2019s is a leading multilateral development bank based in Saudi Arabia. Its mission is to develop energy-related industries in the Arab world. 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