NBE Considering New Finance for Petroleum Sector worth EGP700mn

An official Banking source revealed that the National Bank of Egypt (NBE) is considering financing EGP200 million and US$73 million (EGP700 million) to petroleum sector.

In statements to Amwal Al Ghad, the source explained that one of the major Drilling firms in the Egyptian market requested finance worth US$23 million from the bank, noting that the decision is being studied.

One of firms which operating in petroleum sector demanded EGP200 million finance, part of them for foreign finance, stressing that the bank did not take any decision yet for granting finance till now.