QNB Egypt, a subsidiary of QNB Group, acted as primary lead arranger, underwriter, financing marketer and document bank to grant joint financing worth 10 billion Egyptian pounds to Misr Petroleum Company, with the participation of the National Bank of Egypt and a number of other banks.
The financing agreement was signed in the presence of a number of leaders and officials of the banks participating in the alliance, in which the financing period reaches five years and QNB Egypt’s share amounts to 3 billion pounds.
On this occasion, Mohamed Badir, CEO of QNB Egypt, said that the bank’s participation in this joint financing comes as a continuation of the efforts it is making in supporting all economic sectors in the country, the most important of which is the petroleum sector, and developing efforts to market petroleum products, which represent an important tributary to the Egyptian economy.
For his part, Eng. Mohamed Maged, Chairman of the Board of Directors of Misr Petroleum Company, confirmed that this agreement comes within the framework of the company’s efforts towards strengthening its leading marketing position towards securing fuel supplies to the local and foreign markets and providing the necessary financing for its future projects that aim to increase the strategic reserve of petroleum products and achieve more To expand and spread to enable it to meet the needs of citizens throughout the Republic, without burdening the state’s general budget with any additional financial burdens.
He stressed that this alliance reflects the successful partnership existing with companies affiliated with the Egyptian General Petroleum Corporation.
The National Bank of Egypt plays the role of the initial main arranger, underwriter, financing marketer, and financing agent in the banking alliance, and the Commercial International Bank of Egypt (CIB) plays the role of the initial main arranger, coverage guarantor, financing marketer, and debt service account bank, and the Arab African International Bank plays the role of the initial main arranger. The underwriter, financing marketer, security agent, and Banque du Caire play the role of main arranger and underwriter.
The alliance also included the National Bank of Kuwait, Med Bank, the Egyptian Gulf Bank, and the Agricultural Bank of Egypt as cover guarantors, for the purpose of financing the import of petroleum products and to cover documentary credits in favor of the General Petroleum Corporation after the liberalization of the exchange rate and the resulting increase in credit facilities required to cover import operations. For the benefit of the Authority.
