NBE: Petroleum Sector’s Indirect Portfolio Reached EGP15.3 bln Last April

The National Bank of Egypt’s, NBE, indirect funds to the Egypt General Petroleum Company (EGPC) reached EGP 15.3 billion last April. Some reliable sources in the NBE explained that the bank contributes to opening the letter of credit as well as granting loans and credit facilities to regularly to help in providing Egypt’s needs of petroleum products and keeping its transactions with its foreign partners.

The EGPC is conducting negotiations with the NBE to open LC at value of EGP 2 million in order to import oil from Libya. The NBE agreed last week to grant the Egyptian General Petroleum Co. credit facilities of USD 95 Million in order to provide its fundamental needs of solar and diesel.

Furthermore, the source added that the direct loan portfolio oriented to the petroleum sector climbed to EGP 25 billion last April. Meanwhile, many banks during the last period asked the Minister of Finance to secure any loans granted to the EGPC in the light of reaching its credit limit, which is 30% of the lender bank’s Capital limits.