A source informed Amwal Al-Ghad that the financing portfolio for the petroleum sector recorded loans and credits of EGP 41b ($5.2b) at the National Bank of Egypt (NBE).

The petroleum portfolio was approximately EGP 27b  at the end of June in 2014.

The source also revealed that NBE signed Saturday a syndicated fund on behalf of the Egyptian Electricity Holding Company worth EGP 10b. These were syndicated loans done in cooperation with other seven banks, with NBE providing EGP 2b of its own money.

Previously NBE had arranged a syndicated loan worth EGP 10b for EGPC, the largest of its kind in the Egyptian oil sector’s history. The money was to pay off foreign oil companies’ debts and included a USD-dominated tranche worth $550m.