Banque Misr Issued LCs Worth US$ 500 Mln For EGPC

Banque Misr issued letters of credit (LCs) worth US$ 500 million for the Egyptian General Petroleum Corporation (EGPC) during last May and June.

These letters were used to finance the importing of petroleum raw materials for oil refinery laboratories and importing of refined petroleum products to meet the local needs, said Mohamed Abbas Farid, deputy chairman of Banque Misr.

EGPC depends in the current period on short-term credit facilities, Farid added.

Banque Misr will discuss the estimated budget for FY 2012/2013. The bank’s net profit grew by 1.2%, registering EGP 515 million in the fiscal year ended on June 30^th 2011, up from EGP 509 million in the former fiscal year.