Egypt Seeking A $1.5 Bln Loan To Repay Oil Debts -Oil Minister

Egypt is looking to borrow at least $1.5 billion from local and international banks in order to repay debt owed to foreign oil companies operating in the country, Oil Minister Sherif Ismail told Reuters on Sunday.

Egypt wants “a loan from local and international banks for at least $1.5 billion of debt to foreign companies operating in Egypt. We’ll pay part of the debt in August and schedule the rest,” he said.

Source: Reuters