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Banks arrange $1.5 bln syndicated loan for Egypt’s state oil company

NBAD, HSBC, National Bank of Egypt are the ones who are arranging the syndicated loan

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The Egyptian General Petroleum Corporation has secured a $1.5 billion syndicated loan from National Bank of Abu Dhabi (NBAD), HSBC and National Bank of Egypt, NBAD said in a statement on Sunday.

The deal is a three year loan facility, NBAD said. In a separate statement released on Friday, the three banks said they would arrange the loan to Egypt’s state oil company in order for the country to pay back foreign energy companies. Each bank would arrange $500 million of the loan, the statement said.