EGPC now asking for a EGP 15 bn loan, up from EGP 10 bn

The Egyptian General Petroleum Company (EGPC) is looking to increase the value of a loan it is seeking to EGP 15 bn from an initial estimate of EGP 10 bn, Al Mal reports. EGPC was first reported to be in the market for an EGP 10 bn loan late in March to finance fuel imports. The syndicated loan is being arranged by CIB and includes a consortium of 10 banks. Sources said there will be no foreign currency tranches in the loan, which will carry a tenor of five-to-eight years, and the EGPC will source its own foreign currency to pay for the imports.