Banque Du Caire Offers Taqa Arabia EGP 25 Mln Credit Facilities

Banque Du Caire has approved to provide credit facilities of EGP 25 million to a subsidiary of Taqa Arabia Gas Group.

Such finance will be used to finance the purchasing of warehouses to store the company’s petroleum products, in line with the company’s strategy, sources said.

The company’s natural gas distribution sector has four concessions in 11 Egyptian governorates, where it currently distributes approximately 4.7 billion cubic meters of natural gas per year, primarily to industrial users.

Banque Du Caire earlier approved to provide credit facilities of EGP 50 million to Universal Engineering Industries to finance the company’s expansions in the washing machines factory that has been recently developed by the company.