Egyptian General Petroleum Corp mulls $750 million loan

Egyptian General Petroleum Corp (EGPC) is considering obtaining a $750 million loan, a senior source familiar with the matter said on Saturday.

In May, the state-controlled EGPC obtained $750 million from a consortium of local banks, Commercial International Bank (CIB), National Bank of Egypt (NBE), and Banque Misr to be paid over a duration of up to seven years. The loan was designed to finance petroleum product imports and pay the debts owed by the Ministry of Electricity for fuel consumption.

It had later received another $550 million from CIB, NBE, Banque Misr, and Arab African International Bank (AAIB).

Moreover, EGPC also signed a short-term credit facility agreement of $662 million with a consortium of local and foreign banks led by the International Islamic Trade Finance(ITFC), part of the Islamic Development Bank (IsDB) Group.