National Bank of Egypt Leads Consortium to Arrange US$1b Finance for EGPC

National Bank of Egypt (NBE) and Arab African International Bank (AAIB) are aiming to arrange finance in favor of the Egyptian General Petroleum Corporation (EGPC) worth US$1 billion in partnership with Union National Bank, Abu Dhabi, United Arab Emirates(UNB), National Bank of Abu Dhabi (NBAD).

An official banking source told that the banks addressed EGPC in the last month and offered a demand but it did not receive any response from the Corporation until now.

The source explained that the finance will be directed to provide liquidity for EGPC in order to carry out exporting crude oil shipments, expecting that maturity of finance will be for 5 years.

Meanwhile, EGPC obtained a loan from Societe Arabe Internationale de Banque(SAIB) and other 12 banks with EGP12 billion at the end of last year.