EGPC borrows USD 500 mn from Afrexim, NBE to finance crude imports

The Egyptian General Petroleum Corporation (EGPC) will borrow USD 500 mn from the African Export-Import Bank (Afrexim) and the National Bank of Egypt (NBE) to finance imports of crude and petroleum products, banking sources told Al Shorouk. The state-owned energy company signed contracts with the two banks at the end of December, the sources said. EGPC is the largest borrower in the Egyptian market, having taken on more than EGP 20 bn in new loans during the past year to increase its total debt burden to around EGP 292 bn.