NBE Approves to Renew Credit Facilities for EGPC With EGP 30 bln

The National Bank of Egypt (NBE) has approved to renew credit facilities for the Egyptian General Petroleum Corporation (EGPC) worth EGP 30 billion within the current fiscal year of 2013-2014.

An official source in the bank said NBE approved  in the meeting of the last week to renew the facilities which demanded by EGPC during the current fiscal year worth EGP 30 billion, in compared to EGP 22 billion in the last fiscal year of 2012-2013.

The source added that these facilities include foreign currency credits to cover importing oil within the current fiscal year , in addition the needs of EGPC , as the bank approved on these needs.

NBE is the largest financier for EGPC as it has seized EGP 41 billion within the last fiscal year.