Egypt’s Petroleum Corp receive $100 million loan
Three Arab and international financial institutions are expected to sign over $100 million in loans to the Egyptian General Petroleum Corporation (EGPC) by the end of the month, reported Bunuk Al-Yaum.
France’s BNP Paribas, the Arab Investment Corporation and the Arab Petroleum Investments Corporation (APICORP) will provide the funding that will support expansions being carried out by EGPC. Following the signing of the agreement, the three institutions will re-offer the loan to a limited number of Arab, Egyptian and international banks for subscription, indicating that the three institutions would be responsible for management of the loan.
According to the General Manager of the Arab Investment Corporation, Faysal Elwan, a major US bank is willing to subscribe to the loan conglomerate, and Emirati and Kuwaiti banks have also shown interest in the project. — (menareport.com)
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