Arab Petroleum Investments Corporation (Apicorp) has announced a $500m countercyclical support package aimed at supporting member country clients in the energy sector amid the Covid-19 pandemic and oil price fluctuations.

The Saudi Arabia-based multilateral development agency said the package would be deployed to support “sustainable impact-driven projects by extending funding for projects and working capital within the areas of utilities, renewables, petrochemicals, among other energy sub-sectors”.

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The firm said it also plans to expand trade finance support to its member countries within the broader objective of reducing the fiscal and current account pressures caused by current market conditions.

“The energy sector is a capital-intensive sector where we are observing investment reductions and delays in implementation more than [in] previous downturns,” Ahmed Ali Attiga, Apicorp CEO, said in a statement.

The executive added that Apicorp will play a countercyclical role to address the funding shortfalls that may be experienced by its partners in the region as they work to meet planned commitments in critical projects and operations.

MEED understands ratings agency Moody’s has rated Apicorp as Aa2 with a stable outlook.

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The agency recently announced a landmark increase in “callable capital” to $8.5bn, as well as a significant increase in authorised and subscribed capital.

This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.