EGPC in the market for an EGP 10 bn loan

The Egyptian General Petroleum Company (EGPC) is negotiating for a EGP 10 bn loan with a banking consortium led by CIB to finance oil imports, Al Mal reports. Four-to-five private banks are funding the facility that is expected to carry a tenor of five-to-eight years, unnamed sources said. The sources add that the Egyptian Electricity Holding Company will pay back part of the loan to the banks, as part of the EGP 40 bn it owes EGPC.