United Bank Mulls Contributing US$ 10 Mln To EGPC Loan

The United Bank of Egypt studies contributing to the Islamic syndicated loan amounting to US$ 500 million arranged by the Islamic Development Bank (IDB) for the Egyptian General Petroleum Corporation (EGPC).

Sources said the bank considers contributing US$ 10 million to the loan which will be used to finance the importing of petroleum products needed by the country in the upcoming period.

The bank targets to inject EGP 500 million into the portfolio of loans and credit facilities to reach EGP 4 billion by the end of 2012, compared to EGP 3.5 billion.

It is worth mentioning that Central Bank of Egypt (CBE) rejected EGPC’s request to increase the lending maximum limit for each customer so as not to increase the risks incurred by banks.