Misr Petroleum eyes securing EGP 10B loan from local banking consortium

Updated 4/2/2024 11:00:00 AM
Misr Petroleum eyes securing EGP 10B loan from local banking consortium

Arab Finance: The Egyptian state-owned Misr Petroleum company is seeking to borrow EGP 10 billion from a local banking consortium to finance the import of petroleum products in favor of the Egyptian General Petroleum Corporation (EGPC), two sources in the know told Asharq Business.

The consortium is led by Banque Misr and the National Bank of Egypt (NBE), the sources noted.

The anticipated EGP 10 billion loan will be guaranteed by the Ministry of Finance, one source pointed out, adding that it is expected to be secured in the second quarter (Q2) of 2024.

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