Banque du Caire negotiates US$2 bn loan for petroleum sector

Banque du Caire has started negotiations with Petroleum Export Limited to secure a US$2 billion loan to finance imports of petroleum products.

The company approached for the the loan operates as a subsidiary of Egypt’s General Petroleum Corporation and is established abroad as an offshore company.

The bank’s managing director, Basel al-Heiny, told Al-Masry Al-Youm that several local banks, including Banque Misr and the National Bank of Egypt, are contributing to the new loan, the details of which are currently being negotiated.

Heiny added that the bank is following the developments of the Egyptian Chemical Industries company (KIMA) through bank loans devoted for that purpose.

Translated from the Arabic Edition

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