A consortium of five Egyptian banks signed last week a financing agreement worth 4 billion Egyptian pounds ($225.8 million) with two state-run firms Misr Petroleum and Co-operation Petroleum (Copetrole).
The loan will be paid over seven years, whereby each firm will obtain 2 billion pounds designed to finance purchasing of petroleum products for local market.
The banking consortium includes the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank – Egypt (CIB), QNB AlAhli, and the Arab African International Bank (AAIB).
The following table demonstrates the banks’ contributions to the two firms in Egyptian pounds.
|
The bank |
For Misr Petroleum |
For Copetrole |
|
NBE |
1 billion pounds |
1 billion pounds |
|
Banque Misr |
363 million pounds |
363 million pounds |
|
CIB |
244 million pounds |
244 million pounds |
|
QNB AlAhli |
240 million pounds |
240 million pounds |
|
AAIB |
153 million pounds |
153 million pounds |
