The Egyptian General Petroleum Corporation (EGPC) will sign a $200m loan agreement during with a banking consortium including the African Export Import Bank (Afreximbank), the National Bank of Egypt (NBE) and others. The loan will fund EGPC’s operations, including the importation petroleum derivatives to cover the market demands, reported Al Mal News.
This comes as the Central Bank of Egypt (CBE) announced in a previous report on foreign funding during the first two weeks of November that loans to the oil and gas sector had reached around $450m to finance fuel imports. Additionally, since its establishment, Afreximbank has loaned Egypt an estimated total of at $7.24b.
In related news, Egypt Oil&Gas reported that Egypt imports bill for petroleum derivatives including benzene, diesel and mazut, as well as liquefied natural gas (LNG), had reached EGP 13b a month. Yet, the government’s petroleum unpaid crisis would decrease from EGP 6b per month to EGP 3.5b per month after the current increase in pump prices.