Aconsortium of five local banks led by National Bank of Egypt (NBE) has officially won the arrangement of the biggest financing deal in the petroleum sector.
The EGP10 billion financing will be secured for the Misr Oil and Petroleum Cooperative Society Co. which are owned by Egyptian General Petroleum Corporation (EGPC). It will go for financing the repayment of financial liabilities that resulted from purchasing crude products from EGPC.
Sherif Elwy, Deputy Chairman, NBE, told El-Watan that the bank will provide a bridge loan amounting to EGP 2 billion, at EGP 1 billion for each company, for three months or till completing the syndicated loan arrangement, whichever is earlier. He added that the share of each bank in the consortium in the bridge loan will amount to EGP 400 million.
The EGP10 billion financing will be secured for the Misr Oil and Petroleum Cooperative Society Co. which are owned by Egyptian General Petroleum Corporation (EGPC). It will go for financing the repayment of financial liabilities that resulted from purchasing crude products from EGPC.
Sherif Elwy, Deputy Chairman, NBE, told El-Watan that the bank will provide a bridge loan amounting to EGP 2 billion, at EGP 1 billion for each company, for three months or till completing the syndicated loan arrangement, whichever is earlier. He added that the share of each bank in the consortium in the bridge loan will amount to EGP 400 million.
Source:
Mubasher
