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Sunday, 9 December 2018

Consortium to provide EGPC with USD 750 mn loan for arrears

A Mashreq Bank-First Abu Dhabi Bank-HSBC consortium is arranging a USD 750 mn, five-year loan for the Egyptian General Petroleum Corporation (EGPC), which will be used to pay off arrears to international oil companies, banking sources told Al Shorouk. Each of the three banks will contribute an equal share to the loan. The final contracts are expected to be signed in a week, and the loan should be disbursed before 28 December, sources said.

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