The bank’s board of directors recently granted the EGPC $1bn in letters of credit for the purpose of importing 600,000 barrels of crude oil per month from Libya, after receiving a guarantee from the country’s Ministry of Finance.
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EGPC has to obtain a guarantee from the Ministry of Finance.
The National Bank for Development (NBD) called on banks holding Islamic licenses to participate in granting an Islamic loan of $120 million to the East Delta Electricity Production Company (EDEPC). Some of the banks expected to participate in the loan include Alwatany Bank of Egypt, the Egyptian Gulf Bank and United Bank. The loan’s period …