"New targeted credit lines will support climate action by companies in Bulgaria, Italy, Romania and Spain, improve access to finance by energy, tourism and education companies in Serbia, help agriculture firms in Romania to expand and encourage circular economy investment in Spain," the EIB said in a statement.

"The UAE is currently investing over US$ 2 billion in Kazakhstan, which makes it one of the top sources for Foreign Direct Investments."

The Mexican oil company Pemex plans to invest more than US$1bn to develop and operate the Xanab offshore oil field

Nigeria has 202tn ft³ of proven gas reserves and an additional 600tn ft³ of unproven potential resources. Despite having the largest gas reserves in Africa, only c.25pc of these reserves are currently productive.

The UAE is currently the largest investor in Egypt with total investments exceeding AED26.5 billion (US$ 7.2 bn), according to Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council.

To date, the EBRD has signed €34 billion in green investments, financed over 1900 green projects that are expected to reduce 102 million tonnes of carbon emissions yearly. In 2019 alone, the Bank financed over 2.2 GW of new renewable power capacity.

The increase in spending to between 85 billion and 95 billion yuan ($12.34 billion to $13.79 billion) compares with 2019 capital expenditure estimated at 80.2 billion yuan, slightly more than previous expectations.

In the petrochemical and gas sectors, Abu Dhabi National Oil Company (ADNOC) signed deals with Indonesian companies PT Pertamina [PERTM.UL] and PT Chandra Asri Petrochemicals (TPIA.JK), UAE state news agency WAM reported.

The company, which builds power and desalinated water plants and has 50% of its portfolio in Saudi Arabia, plans to expand into new markets, Paddy Padmanthan told Reuters on the sidelines of an energy event in Abu Dhabi.

Aramco has vowed to pump almost $160 billion into growth in the natural gas sector over the next decade, with a sizable portion of that money to be designated for LNG projects overseas.