Misr Iran Bank to Fund Energy Authorities

Misr Iran Bank to Fund Energy Authorities

Egypt’s Misr Iran Bank agreed to fund two government authorities with EGP 200m. Both the Ministry of Electricity and Renewable Energy and the Ministry of Petroleum and Mineral Resources will each get EGP 100m in funding, reported Al Borsa News.

The bank has invested a total of EGP 1.6b to fund various loans, as it has received several loan requests from the real estate and power sectors, with requests from state owned companies, specifically in the fields of electricity, energy, and fuel, increasing over the course of the three months.

In older news, the Ministry of Electricity agreed to obtain a loan worth EGP 5b to pay its dues to the Egyptian General Petroleum Corporation (EGPC) for fuel provided to power plants while EGPC agreed to incur EGP 1.25b in interest fees for the loan.

Sarah Samir 3297 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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