Banque Du Caire has arranged an LE3 billion syndicated loan to Misr Petroleum and the Petroleum Cooperative Society in order to provide immediate needs of petroleum products.
The bank said the petroleum sector is its top priority, hence this largest financing operation of different banks to provide liquidity for the purchase of raw materials and petroleum derivatives for gas stations.
The exact loan is LE2 billion and US$150 million to be granted equally to the two entities.
“The loan contributes to a sustainable development and an economic growth,” said Mounir al-Zahed, the chairman of the bank.
Credit Manager Ayman Mokhtar said the Egyptian pound loan is over four years and the dollar loan is over 26 months. “This is the second time we grant loans to those entities,” he said.
Syndicated Loans Manager Akram Yehia said the loan comes from the International Arab Banking Corporation, the Export Development Bank of Egypt, the Suez Canal Bank, the Ahli United Bank, Emirates NBD, The Industrial Development Bank, the Arab Investment Bank, the Egyptian-Arab Land Bank, Union National, the United Bank, and Al-Baraka Egypt.
Banque Du Caire had in 2011 arranged a three-year syndicated loan of LE450 million to Misr Petroleum and another of LE475 million to the Petroleum Cooperative Society in just one month, which was the fasted financing operation since the revolution.
Edited translation from Al-Masry Al-Youm
