NBE Renews EGP 22 Bln Credit Facilities For EGPC

The National Bank of Egypt (NBE) approved the renewal of EGP 22 billion credit facilities for the Egyptian General Petroleum Corporation (EGPC) for the new FY 2012/2013.

Sources told Amwal Al Ghad that the annual credit facilities are used to finance the importing and purchasing of EGPC’s needed materials and requirements for the year, affirming that EGPC pays its liabilities regularly as it has good solvency position.

NBE is the largest financier for EGPC as the lender offered 30% of the total finances to EGPC. The bank’s portfolio of petroleum loans reached EGP 50 billion, sources added.

The Central Bank of Egypt (CBE) rejected EGPC’s request of raising the maximum limit of finances offered to it, as the regulator was wary of raising the risks.

It is worth mentioning that there is high demand from local and foreign banks on financing EGPC for its high solvent position.