Cairo – Mubasher: A four-bank consortium, comprising of Banque Misr, National Bank of Egypt (NBE), Commercial International Bank (CIB), and Banque du Caire, is arranging a $550 million loan for state-run Egyptian General Petroleum Corporation (EGPC).
The loan will be used to pay off the dues of the international oil firms, vice president of Banque Misr Akef Maghraby told Alborsa News.
The alliance has already allocated $100 million of the loan, he indicated.
The governor of the Central Bank of Egypt (CBE) said last week that the North African nation plans to settle around $850 million in foreign oil firms’ arrears.
Earlier this month, government sources unveiled that the Arab world's most populous country aims to pay off around $200 million for foreign partners next June.
Petroleum minister Tarek El-Molla had previously said that Egypt would pay off the entire dues owed to foreign oil companies within two years.
