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HSBC to arrange $500mn loan for EGPC

Sunday 30 December 2018 03:07 PM


By Mohamed Salem:
Egyptian General Petroleum Corporation (EGPC) has agreed with HSBC bank to act as its financial advisor to secure a loan of USD 500mn to finance oil products import to meet the local market needs, and to partially pay dues of foreign partners.
Sources told Al Mal newspaper that HSBC – Egypt will cooperate with its Emirati counterpart to promote and raise the financing from banks operating in Gulf countries, adding that the loan is secured with the guarantee of crude oil shipments owned by EGPC, noting that the loan duration is 5 years.
The loans obtained by the corporation during the current year exceed USD 3bn.
It should be recalled that in last August, the African Export-Import Bank (Afreximbank) disbursed the sum of USD200 mn to EGPC to support EGPC’s investment in the Middle East Oil Refinery Company (MIDOR).
 The Investment Financing Facility, disbursed during a signing and disbursement ceremony in Cairo on 1 August, is also aimed at supporting EGPC’s company expansion plan which is part of Egypt’s plan to become a regional hub for exporting oil products to the Middle East region and the rest of Africa.