UK-headquartered Petroceltic International Plc, an oil explorer, has secured a $500 million debt facility from the IFC and HSBC to expand its operations in Egypt, Algeria and Bulgaria.

The financing is to promote the development of cleaner-burning natural gas for domestic use and export.

In a statement April 15, 2013, IFC who is co-lead arranger along with HSBC said the facility is to fund “Petroceltic’s investment programme to expand production in Egypt and Bulgaria, and support the company’s forthcoming development work in Algeria”.

IFC is providing a $100 million loan for its own account along with up to $400 million from commercial banks.

“IFC has drawn on its deep experience and relationships in emerging markets to arrange a finance package that includes several new banks for our company,” said Petroceltic CEO, Brian O’Cathain.

“With its financing, IFC has been able to provide comfort to other lenders looking to support our work in the region,” O’Cathain added.

According to IFC’s Global Head of Oil and Gas, Lance Crist, the financing to Petroceltic follows IFC’s strategy to support companies in emerging markets with strong management teams and assets that will provide local benefits to their host countries and expand the global supply of cleaner burning natural gas.