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NBK to arrange LE3bln financing for EGAS

NBK to arrange LE3bln financing for EGAS

Cairo: The National Bank of Kuwait (NBKE) won a deal for arranging a EGP3bn loans for the benefit of the Egyptian Natural Gas Holding Co. serving the purpose of supplying homes with natural gas.

EGAS aims at delivering gas to almost 600k housing units this year at EGP2bn investments, driving up number of beneficiaries to 9.4mln units, according to statements issued early February by chairman Eng. Usama El-Bakly.

NBK, beating several other banks including the National Bank of Egypt and Banque Du Caire, started off a promotion campaign encouraging the participation of several local lenders in extending portions of the loan, notably the Export Development Bank of Egypt, Real Estate Development Bank, Development and Workers Bank,and the United Bank.

Egypt's petroleum and gas sector got the biggest chunk of loans on account of surging local and foreign investments.

Foreign oil companies injected USD6.6bn investments in the fiscal year 2015/2016 and EGP8.1bn in the fiscal year 2016/2017, as Ministry of Petroleum aims at attracting up to USD10bn this fiscal year, according to previous statements issued by minister Tarek El-Molla.

NBK managed last year to arrange loans worth USD300mln for the benefit of the Arab Petroleum Pipelines Co. (Sumed) and renewed last January a financing worth EGP10bn for the benefit of the Egyptian General Petroleum Corporation.

Source: AlMal

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