The Egyptian Ministry of Finance approved issuing local currency guarantees for two loans to help the Egyptian General Petroleum Corporation (EGPC) repay debts owed to international oil companies (IOCs), Al Mal News reported.
The guarantees will be granted to cover a $750 million loan from the National Bank of Egypt (NBE), Banque Misr, and Commercial International Bank (CIB). Additionally the guarantees will cover a $100 million credit facility by CIB.
The Ministry of Petroleum will repay debts of $200 million to several IOCs in June 2018, sources at the ministry previously told Al Borsa.
The government is attempting to repay the entirety of the country’s debt to IOCs in order to attract further foreign investment, and to increase oil and natural gas production rates.
The upcoming repayments will go to several IOCs including Royal Dutch Shell, Apache, BP, Eni and Dana Gas.