The Egyptian General Petroleum Corporation (EGPC) is working on obtaining an EGP 10 billion loan from a bank consortium, reported Al Mal.
The deal is needed for importing petroleum products, in addition to reducing the debt owed by the Ministry of Electricity for fuel consumption.
The consortium is reportedly composed of five banks and led by the Commercial International Bank (CIB). The loan is expected to be paid over a duration of up to eight years.
The loan will be received in EGP, and therefore, will not be used to pay dues to foreign oil companies.
