Egyptian Gulf Bank Eyes Expanding in Home Gas Delivery Loans

Egyptian Gulf Bank (EGB) plans to expand in granting loans to deliver natural gas to homes across Egypt.

According to Sharif Farouq – EGB’s General Manger and Head of Retail Banking – said his bank’s portfolio of gas loans currently stands at EGP 300 million (around US$42 million). EGB’s home gas delivery loans are short-term and are valued at EGP 3000 per loan, he added.

Speaking to Amwal Al Ghad on Wednesday, the banking official said EGB would pump around EGP 200 million within the coming year to expand its network of places to deliver natural gas across Egypt, to be eventually added to Dar El-Salam area and other areas in Alexandria governorate.

EGB’s personal loans have reached around EGP 750 million, targeting a next year increase to EGP 1 billion.