State-owned Egyptian General Petroleum Corporation (EGPC) has mandated Arab African International Bank to raise a LE 500 million ($91 million) loan, the bank said on Monday.
EGPC, which will use the loan for projects and imports, was also negotiating with the bank to raise a second tranche for the same amount, Arab African s General Manager Mahmoud El-Sakka told Reuters.
We will transfer the funds at the end of the week or early next week, Sakka said of the initial loan. We will then start selling the loan in the market.
The first tranche, for four years, is priced at 1 percent over the Central Bank of Egypt s corridor bank lending rate, which is now 9.75 percent, Sakka said.
Agreement over the second tranche, also for LE 500 million, should be concluded within two weeks, he added. -Reuters
