EALB Contributes EGP200mn to the Biggest Loan in Egypt’s Banking Sector

The Egyptian Arab Land Bank will pump EGP 200 million (around US$28 million) in one of the biggest loans in the country’s banking sector.

The loan, which amounts to EGP 10 billion with a one-year grace period, would go for two companies in the Egyptian petroleum sector, Misr Petroleum and Petroleum Cooperative Society Co. (CO-OP).

In this respect, EALB chairman Abdel Meguid Mohy El-Din, explained to Amwal Al Ghad that the bank’s EGP 200 million contribution to the loan will be offered in two equal halves in favour of MP and CO-OP.