The European Bank for Reconstruction and Development (EBRD) is providing a $28mn loan to Egypt's Advanced Energy Systems (ADS), EBRD said in a press release. AES, an independent Egyptian oil service company, will use the funds to expand its operations and apply best environmental, health and safety standards in the local oil and gas industry. Egypt is suffering an energy shortage that could be alleviated by the provision of offshore drilling equipment.
　　Moreover, in conjunction with the loan, EBRD plans to mobilize technical cooperation funds to assist the Egyptian government bring national environmental, health and safety regulations up to internationally recognized standards.