Cairo – Mubasher: Misr Iran Development Bank (MIDB) has allocated around EGP 500 million to provide two loans for the Egyptian General Petroleum Corporation (EGPC).
The bank’s vice chairman Amr Tantawy told Mubasher on Saturday that the bank is currently in talks with the managers Banque Misr and the National Bank of Abu Dhabi (NBAD) to coordinate the two loans, at EGP 10 billion and $750 million.
A number of banks are competing to provide the dollar loan, led by HSBC and First Abu Dhabi Bank.
Meanwhile, a consortium of six banks, namely NBE, Banque Misr, CBE, AAIB, QNB, and Credit Agricole have proposed an offer to provide the EGP 10 billion loan which is intended to finance importing oil, and settle payments with the ministry of electricity.
