ICEC

Export Development Bank pumps 350 mln pounds in petroleum sector

The Export Development Bank of Egypt (EDBE) has pumped 350 million Egyptian pounds in the petroleum sector during the last period according to EDBE chairperson Mervat Sultan.

She told Amwal Al Ghad that the bank has participated with a share in the loan arranged by Banque Misr to the General Petroleum Company.

The National Bank of Egypt and Banque Misr are arranging a $550 million  facility for the General Petroleum Company (GPC) to finance exploration and drilling operations, as well as debt restructuring.

On the other hand, EDBE is studying the possibility of participating in a loan of $750 million arranged by the National Bank of Egypt and the Commercial International Bank to pay a part of the General Petroleum Company (GPC) dues to the foreign companies.

Export Development Bank of Egypt was established in 1983 for the purpose of boosting Egyptian exports and supporting establishments of agricultural, industrial, commercial and services sectors. Soon after, the Bank became the main funding source of exports operations in Egypt.

Through its outstanding performance and policy, based on diversified investments, the Bank was able to grow more and more, and achieve efficiency and a strong financial position. This has helped the Bank to attain the confidence of exporters, owners of small and medium-size enterprises and individuals, in addition to the trust of local and international financial institutions.

Through its outstanding performance and policy, based on diversified investments, the Bank was able to grow more and more, and achieve efficiency and a strong financial position. This has helped the Bank to attain the confidence of exporters, owners of small and medium-size enterprises and individuals, in addition to the trust of local and international financial institutions.

Additionally, the Bank is keen to obtain customer satisfaction, through providing a wide variety of banking products and services developed with competitive rates such as: time deposits, saving certificates in various currencies and tenors, different types of mutual funds, saving and current accounts, credit and debit cards, call center as well as e-banking services.

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