NBE Grants Credit Facilities for Drilling Co Worth $ 110 mln

 An official source in the National Bank of Egypt (NBE) has revealed that NBE approved in the last week to renew credit facilities worth $ 110 million in favor of the Egyptian Drilling Company (EDC) operating in oil and gas.

The source added in an exclusive to Amwal Al Ghad that these facilities surged by $10 million in compared to the facilities of the last year.

EDC is one of the companies operating in petroleum sector and which owned 50% for Egyptian General Petroleum Corporation (EGPC) and 50% for Danish-foreign partner.

NBE is the largest financiers of petroleum sector in Egypt where its finances reached EGP 41 billion during the last fiscal year of 12/13.

The total volume of credit of letters issued by the bank to EGPC are $ 7.7 billion during the last fiscal year to export oil and petrol, as well as export credits issued during the same year worth $ 360 million.