The Egyptian General Petroleum Corporation (EGPC) is in talks over obtaining a loan worth of EGP 10b from a bank alliance led by CIB bank, reported Al Mal News.

The requested amount is to finance importing petroleum shipments and cut part of its dues owed by the ministry of electricity to the oil and gas sector.

The alliance includes about 5 local banks whereas the loan duration ranges between 5 and 8 years.The financing will be fully provided in Egyptian pounds and does not include any tranche in hard currency.

Previously, EGPC had received a loan from as part of its dues owed by electricity sector. Therefore, Banque Misr had been able to sell a tranche of EGP 8b as part of its EGP 10b participation to a syndicated bank facility worth EGP 20b that was arranged for Egyptian Electricity Holding Company (EEHC) in participation with NBE.