Wednesday 13/November/2024 – 05:33 PM
The National Bank of Egypt participated with 8 banks in granting joint financing in the amount of 10 billion pounds to the Misr Petroleum Company, as the National Bank of Egypt plays the role of the primary primary arranger, coverage guarantor, financing marketer, and financing agent in the banking alliance.
The Commercial International Bank of Egypt (CIB) plays the role of the initial lead arranger, underwriter, financing marketer, and debt service account bank, Qatar National Bank plays the role of the initial lead arranger, underwriter, financing marketer, and document bank, and the Arab African International Bank plays the role of the initial lead arranger, underwriter, and marketer. Financing, the guarantee agent, and Cairo Bank played the role of main arranger and coverage guarantor. The alliance also included the National Bank of Kuwait, Med Bank, the Egyptian Gulf Bank, and the Agricultural Bank of Egypt as coverage guarantors, for the purpose of financing the company’s activity and any other financial obligations.
National Bank financing for Misr Petroleum Company
The signing took place in the presence of Sherif Riad, CEO of Corporate Banking Credit and Syndicated Loans at the National Bank of Egypt, Bahaa El Shafei, Deputy CEO of Banque du Caire, Abeer Essam in her capacity as Head of Corporate Credit at the Commercial International Bank, Abdel Rahman Talaat in her capacity as Head of the Major Corporate Finance and Investment Sector at Qatar National Bank, and Amani Samir in her capacity as Head of Corporate Credit at the National Bank of Egypt. The Corporate and Institutions Sector at the Arab African International Bank, Rania Farouk as Head of the Finance and Syndicated Loans Sector at the National Bank of Kuwait, Monia Madkour as Assistant Managing Director of the Egyptian Gulf Bank, Iman Abu Zeid, General Manager of the Credit Sector at Med Bank, and Saleh Al-Shami, CEO of Credit at the Agricultural Bank of Egypt. Mohamed Al-Shami, CEO of Credit at the Agricultural Bank of Egypt, was present on behalf of the company. Maged Bakhit in his capacity as Chairman of the Board of Directors of Misr Petroleum Company and Omaima Ahmed in her capacity as General Manager of Financial Affairs of Misr Petroleum Company, in the presence of a distinguished group of leaders of those banks.
In a comment by the company, Engineer Mohamed Majed, Chairman of the Company’s Board of Directors, 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 stock of petroleum products and achieve further expansion. And spread in a way that enables it to meet the needs of citizens throughout the Republic, without burdening the state’s general budget with any additional financial burdens.
Support and development of the petroleum sector
For his part, Sherif Riad stressed that the National Bank of Egypt pays special attention to supporting and developing the petroleum sector, as it is one of the most important pillars of the national economy and one of the main engines of economic growth, indicating that this financing aims to enable the petroleum sector to face current challenges and enhance its competitive capabilities in local and global markets. As it contributes significantly to securing energy resources, providing job opportunities, and supporting innovation and technology, especially since the joint loan is part of our commitment to supporting sustainable development, and providing the necessary financing to improve the sector’s operational performance, praising the role of the banks’ work team in conducting the necessary studies for this financing with high efficiency. As well as the fruitful cooperation of the National Bank of Egypt and all other banks, which contributed to the successful completion of the financing.
It is noteworthy that a transit loan was granted from the National Bank of Egypt with the participation of Qatar National Bank in the amount of 10 billion pounds, and it will be repaid through this joint financing, which will last for five years. The shares of the banks participating in the financing are as follows: 750 million pounds for the National Bank of Egypt and 2 billion pounds for each. From the Commercial International Bank of Egypt (CIB) and the Arab African International Bank, 3 billion pounds to Qatar National Bank, 750 million pounds to Cairo Bank, 500 million pounds to Al-Ahly of Kuwait, 400 million pounds to Med Bank, and 300 million pounds to each of the Egyptian Gulf Bank and the Agricultural Bank. Egyptian.
