CIB Contributes With US$ 60 Mln in ERC’s Letters of Guarantee

Commercial International Bank (CIB) approved to contribute in financing the issuing of letters of credit and letters of guarantee worth US$ 300 million to the Egyptian Refining Company (ERC) for both Egyptian General Petroleum Corporation and Citadel Capital; domestic investors of the Company.

Sources told Amwal Al Ghad that CIB will contribute with US$ 60 million to cover the liabilities of ERC towards international institutions that are contributing in financing the establishment of a developed oil refinery in Cairo. CIB will sign the deal within two weeks, sources affirmed.

Banque Du Caire agreed to contribute with US$ 40 million and Arab African International Bank said it considers contributing with US$ 15 million.

ERC negotiates with a number of local banks; most prominently are Banque Misr, HSBC, AAIB, Ahli United Bank, Mashreq Bank and Banque Du Caire.