The National Bank of Kuwait-Egypt (NBK-Egypt) agreed on the renewal of a $10 billion financing agreement to support the Egyptian General Petroleum Corporation (EGPC) to meet its financial needs, Al Mal News reported.

EGPC had previously taken a $10 billion loan from NBK under a governmental guarantee. The Egyptian state-owned body has lately repaid the loan. The governmental guarantee will still be used to renew the loan agreement.

The $10 billion loan tenor is ranging between three and five years, and a huge amount of it will be secured in US dollars. Yet, NBK-Egypt will not collaborate with local banks to secure the loan amount as the loan has a governmental guarantee.

Mid-2017, NBK-Egypt granted the Arab Petroleum Pipelines Company (SUMED) a $300 million loan.