Five Egyptian Banks have signed a financing agreement of EGP 4 billion to fund state-run Co-operation Petroleum Company (Copetrole) and Misr Petroleum Company, Amwal Al Ghad reported.

Each of the two companies will receive EGP 2 billion targeted at purchasing petroleum products for local market. The financing loan is aimed to be paid over seven years.

The banking consortium includes Banque Misr, which will pay EGP 363 million for Misr Petroleum and EGP 363 million for Copetrole; the National Bank of Egypt (NBE), which will secure EGP 1 billion for Misr Petroleum and EGP 1 billion for Copetrole; QNB AlAhli, which will pay EGP 240 million for each firm; Commercial International Bank – Egypt (CIB), planning to pay EGP 244 million for each company, and the Arab African International Bank (AAIB), paying EGP 153 million per firm.