Crédit Agricole signs medium-term loan to support Egypt’s oil and gas sector

Crédit Agricole Egypt has signed on Monday a medium-term loan deal with Petroleum Air Services (PAS).

The loan will cover 80 percent of the total cost of PAS’s purchase of a helicopter designed to serve the oil and gas sector in Egypt.

Under the agreement, Crédit Agricole Egypt will be providing a medium-term loan with a maturity of five and a half years.

The deal was signed by Pierre Finas – Managing director of Crédit Agricole Egypt – and Yahia Hussein – chairman of PAS.

Petroleum Air Services is an airline based in Cairo, Egypt. It provides oil industry support services and has extensive helicopter operations. The airline also operates commercial passenger services within Egypt and to regional cities.

Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, a market leader in Universal Customer-Focused Banking in France and one of the largest banks worldwide.