Three banking consortiums, one of which comprises Banque Misr, CIB and AAIB, have offered to secure a credit facility worth EGP 4 billion for Egyptian General Petroleum Corporation (EGPC).
EGPC had previously said it would require the loan to repay part of dues owed to foreign oil firms, which exceed EGP 6 billion.
A banking source told Almasry Alyoum that EGPC requested the banks to consider the new loan as being borrowed by two affiliated companies, due to the hugeness of EGPC debts to banks.
A number of foreign firms requested from the government to receive their dues in the Egyptian pound as operating expenses and salaries, the source added. He noted that securing such a loan will require 30 to 45 days.
EGPC had previously said it would require the loan to repay part of dues owed to foreign oil firms, which exceed EGP 6 billion.
A banking source told Almasry Alyoum that EGPC requested the banks to consider the new loan as being borrowed by two affiliated companies, due to the hugeness of EGPC debts to banks.
A number of foreign firms requested from the government to receive their dues in the Egyptian pound as operating expenses and salaries, the source added. He noted that securing such a loan will require 30 to 45 days.
Source:
Mubasher
