Thursday, December 8, 2016

EGPC signs USD 200 mn agreement with Afreximbank - ENTERPRISE

Thursday, 8 December 2016

The Egyptian General Petroleum Corporation (EGPC) signed a USD 200 mn facility yesterday with the African Export Import Bank (Afreximbank) on Tuesday to ensure uninterrupted supply of energy for Egypt’s industrial sector through the financing of import of oil and gas products, said Afreximbank’s President, Benedict Oramah in a statement. Contrary to reports we noted yesterday, the National Bank of Egypt will not be joining the financing, but will act as local operations bank for the transaction and as financial adviser to EGPC, along with Abu Dhabi Islamic Bank Capital.