ABK bank to partake in 200mn pounds loan for Egypt’s General Petroleum Company

Kuwait-based Al Ahli Bank of Kuwait (AKB) agreed to participate in a loan to Egypt’s General Petroleum Company (GPC) specializing in oil exploration and drilling operations, with an amount of 200 million Egyptian Pounds

The total value of the loan of the loan intended to General Petroleum Company (GPC) to finance oil exploration and drilling operations is 3.2 billion Egyptian Pounds.

An insightful source told Amwal Al Ghad that ABK participation in the facility has been approved by Banque Misr. In addition, the bank has recently participated in loaning an amount of 70 million Egyptian pound to El Marakby Steel.

The list of banks that would participate in the facility include National of Egypt Banque Misr , Arab African International Bank and Egyptian Gulf Bank.

On the other hand, The company will use the outcome of the funding in  its expansion projects, including the drilling of 16 land and sea  wells, , in addition to the establishment of 2 piers, along with some other financial requirements