NBAD Joins a Collation to Provide US1.5 Billion Financing to EGPC

The National Bank of Abu Dhabi (NBAD) has arranged a US 1.5 billion syndicated loan to the Egyptian General Petroleum Corporation ( EGPC) along with HSBC and National Bank of Egypt (NBE). The deal is a three year term loan facility.

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.

This deal confirms NBE’s leading position in financing oil sector over the past years and at the forefront of Egyptian banks in arranging joint loans and projects finance. In addition, it reflects the United Arab Emirates’s confidence in the Egyptian economy through NBAD, one of the largest and most powerful Arab banks in the world, and the global interest through the HSBC in the stability of Egyptian economy and its vital sectors specially oil.

Commercial Bank International, Arab African International Bank and Arab Bank joined the coalition as secondary coverage providers and main loan arrangers which reflect the support of Egyptian and Arab banks to Egyptian General Petroleum Corporation.

The fund bidding has been applied in several stages when the corporation announced the need for up to US1.5 billion finance for the sale future shipments of crude oil in the form of syndicated loan from local and foreign banks.

NBE, NBAD and HSBC are the most prominent regional and global banks in the area of financing and syndicated loans in the oil sector. Their alliance will help to implement the process and execute it in a timely manner by the end of December 2014.  

Contact Us

Visit Us

Visit a branch to discuss your banking needs

Phone Us

Lines Open 24/7

UAE Helpline

600 56 6223

International Helpline

+971 2 635 8001

Email Us

We'll answer your query as soon as possible