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NBK- Egypt renews EGP 10bn financing for oil sector

NBK- Egypt renews EGP 10bn financing for oil sector

Cairo: National Bank of Kuwait – Egypt (NBK- Egypt) (NBKE) has agreed to renew a financing deal of EGP 10bn in favor of Egyptian General Petroleum Corporation to meet its financial needs.

The corporation had obtained a loan at the same value under a governmental guarantee, and it has recently repaid the loan, sources told Al Mal newspaper, adding the guarantee will be used again to renew the loan.

The loan duration is 3-5 years, and the large proportion of the financing will be provided in US dollars.

NBK- Egypt does not plan to partner with other local banks to arrange the loan given the fact that it has the governmental guarantee.
In mid-2017, NBK- Egypt granted USD 300mn loan to the Arab Petroleum Pipelines Co. (SUMED).

The Kuwaiti lender’s loan portfolio recorded EGP 24.8bn in last September. NBK- Egypt is capitalized at EGP 1.5bn.

 

Source: Al-Mal Newspaper 

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