NBE Captures EGP170 mln Financing for Misr Petroleum Co

The National Bank of Egypt (NBE) has captured EGP150 million financing in favor of Misr Petroleum Company in order to import new line productions, in addition EGP20 million to import equipments for the company.

 Senior sources have informed Amwal Al Ghad that the company addressed NBE, Banque Misr, Suez Canal Bank and NSGB to provide financing offers. The sources said NBE has seized EGP150 million in favor of the company so as to purchase aircraft line, as well as EGP20 million for purchasing the company’s tractors, noting that the time of financing up one year.

NBE is considered to be the greatest financing of the Egyptian General Petroleum Corporation(EGPC) in the banking sector, as it captured 30% from the total funding which exceeded EGP65 billion. The total letters of credit which issued by NBE in favor of EGPC up $7.7 billion (EGP54 billion) at the end of FY13/14, the total funding of NBE for the petroleum sector exceeded EGP40 billion within the last fiscal year.