Dubai: The National Bank of Abu Dhabi (NBAD) has arranged a $1.5 billion syndicated three-year loan to the Egyptian General Petroleum Corporation (EGPC) along with HSBC and National Bank of Egypt (NBE).
The alliance of NBE, NBAD and HSBC has won this deal after strong competition with five other coalitions participated in a funding bid to select the alliance that can secure the necessary funding as per the requirements. The alliance presented a strong offer in terms of pricing, terms and conditions and the ability to cover funding due to the banks’ strong capital base.
The fund bidding has been applied in several stages when the corporation announced the need for up to $1.5 billion (Dh5.5 billion) finance for the sale of future shipments of crude oil in the form of a syndicated loan from local and foreign banks.
