El Sisi Approves $200 M Loan for SOPC

El Sisi Approves $200 M Loan for SOPC

Egyptian President Abdel Fattah El Sisi issued presidential decree no. 323 for 2018, approving the $200 million loan agreement signed to finance the energy efficiency program at the Suez Oil Processing Company (SOPC), Al Mal News reported.

The agreement was signed by Egypt and the European Bank for Reconstruction and Development (EBRD) on May 22, 2018.

Earlier in March, El Sisi issued a republican decree of law no. 37 for 2018 regarding an approval for a loan agreement of the Egyptian Natural Gas Holding Company (EGAS)’ energy efficiency projects, Ahram Gate reported.

The EGAS’ loan agreement was signed on December 27, 2017 by Egypt and the EBRD to grant EGAS a $200 million loan.

Sarah Samir 2705 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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