Banque Du Caire pumps $157 million into Egypt’s Oil, Monorail Loans

Egypt’s Banque Du Caire (BDC) intends to pump EGP1.2 billion (US$ 157.3 million) into loans for state-run Egyptian General Petroleum Corporation (EGPS) and a suspension railway project.

 The EGP 1.2 billion are divided into; EGP 1 billion into EGPC’s loan and EGP200 million into a loan for the suspension railway’s project, a form of elevated monorail, Ayman Mokhtar- Head of Corporate Banking- said Wednesday .

The EGPC’s loan – estimated at EGP 10 billion- will be dedicated for paying firm’s dues to the Egyptian Electricity Holding Company (EEHC), the head stated, adding that the loan allocated for the monorail project is ranging between EGP5-6 billion.

The suspension train would link between the Egyptian capital of Cairo and Giza governorate crossing 6th of October and Sheikh Zayed cities with estimated cost of US$1.5 billion.

Furthermore, Mokhtar elaborated that BDC has opened new Line of Credit (LOC) to EGPC worth US$36 million to provide Brent crude, clarifying that bank’s corporate loan portfolio has been increased to EGP 13 billion.

Moreover, the head pointed out that Banque du Caire has finished re-structuring Small and Medium-sized Enterprises’ (SMEs) sector and currently studying injecting EGP 500 million into the sector in 2015.