Egypt’s 5 Banks Ink the Biggest Loan for Petroleum Sector Today

 Five Egyptian banks will start pumping the biggest loan in the history of the Egyptian banking system worth EGP10 billion for petroleum sector in order to pay off the debts of petroleum sector and to meet with the demands of citizens in this sector.

Heads of National Bank of Egypt (NBE), Banque Misr, Commercial International Bank(CIB), Arab African International Bank (AAIB) and Qatar National Bank(QNB) will sign an agreement on Wednesday in the Headquarters of Petroleum Ministry with the Chairman of Misr Petroleum Company and Petroleum Cooperative Society Co. (COOP).

NBE Chairman Hisham Okasha explained that this loan is EGP6 billion that will provide with Egyptian pound and US$550 million (EGP4 billion). He pointed out that the loan term for the Egyptian pound is 5 years with one year grace period and the term of dollar is 4 years along with one-year also grace period.