The Egyptian General Petroleum Corporation (EGPC) announced that it inked a 2 billion Egyptian pounds loan with 17 public and private banks, aiming to fund its own ongoing operations.

EGPC said that Societe Arabe Internationale De Banque (SAIB) will be dealing and handling the loan arrangements, which was originally 1.5 billion and went to reach 2 billions due to the raise in the number of banks that submitted offers.

The term of the loan is four years, and to be paid back on three years with one year grace period. EGPC will receive the total amount of the loan on stages of a six months maximum.

The National Société Générale Bank (NSGB), Bank Audi, Union National Bank, National Bank of Greece, and ABC Bank (Arab Banking Corporation) are among the winning banks.

It’s worth mentioning that SAIB’s share of the deal is 200 million Egyptian pounds.

On the other hand, EGPC applied a request to the Arab African International Bank to provide and deal a new loan, estimated by 700 million Egyptian pounds, for the liquidity necessary to cover the operations conducted by the corporation and to fund the purchase of the needed equipments for the producing process.