Egypt Daily News – A banking consortium comprising nine banks is in the process of arranging a syndicated loan worth £10 billion for the Misr Petroleum Company, the country’s largest distributor of petroleum products.
The consortium includes significant financial institutions such as the National Bank of Egypt, the Commercial International Bank, Qatar National Bank, Arab African International Bank, Kuwait Finance House, Mediterranean Bank, Cairo Bank, Egyptian Gulf Bank, and Agricultural Bank of Egypt.
The Egyptian government has set ambitious goals for its petroleum exports, aiming for approximately $8.9 billion by 2030, with projected figures of about $7.9 billion by the end of the fiscal year 2024/2025, and $8.6 billion by 2026/2027.
To achieve these targets, Egypt is focusing on developing its energy sector, aiming for it to fully meet national sustainable development needs through efficient utilization of both traditional and renewable resources.
This initiative aligns with the government program “Together We Build a Sustainable Future,” which has received support from the House of Representatives.
Regarding the financial contributions from the consortium members, the distribution of shares includes £3 billion allocated to Qatar National Bank, alongside £2 billion each from the Commercial International Bank and the Arab African International Bank.
The National Bank of Egypt is contributing £750 million, with an equal share from Cairo Bank. Additionally, Kuwait National Bank (Egypt) is set to provide £500 million, Mediterranean Bank £400 million, and both Egyptian Gulf Bank and Agricultural Bank of Egypt each contributing £300 million.
This collaborative financing approach underscores the significant investment in Egypt’s energy sector and highlights the vital role of banking institutions in facilitating economic growth and development in the region.
