The Egyptian General Petroleum Corporation (EGPC) has signed the final contract for a $1 billion loan with a consortium consisting of 13 international and Arab financial institutions, sources told Al Mal.

The loan will help the state-owned company meet its different commitments, such as purchasing petroleum and settling arrears to international oil companies (IOCs).

The consortium of banks include HSBC MENA, which gave $200 million; the Arab Petroleum Investments Corporation (APICORP), which provided $75 million; Arab Bank-Bahrain with $75 million; Arab Banking Corporation (ABC), which lent $78.75 million; Madhreq Bank-Dubai, which lent $60 million.and Ahli United Bank-Bahrain, which gave $50 million.

Other lenders include Credit Agricole, First Abu Dhabi Bank, Intesa Sanpaolo-Dubai, Natixis Bank and Union National Bank, all of which provided between $75 million and $78.85 million.

The HSBC-led consortium was reported earlier in October to be lending $1 billion to Petroleum Export Limited, a subsidiary of the Egyptian General Petroleum Corporation (EGPC). This will enable it to partially settle debts owed to foreign partners, according to Al Shorouk Newspaper.