Misr Petroleum, the government company specialized in producing and marketing oil in Egypt, aims to borrow 10 billion pounds from a local banking alliance led by the Bank of Egypt and the National Bank of Egypt. To finance the import of petroleum products for the government’s General Petroleum Corporation.

Misr Petroleum Company was established in 1911 and is considered one of the largest companies that market and manufacture petroleum products in Egypt. Catering services for aircraft, ships and cars and manufacturing petroleum products in Egypt are among the company’s services.

Misr Petroleum Company quickly requested to obtain the loan, which is directed to cover credits for the General Petroleum Corporation, especially after the liberalization of the exchange rate, which resulted in an increase in the credit facilities required to cover import operations for the Authority.

The month of April witnessed a reduction in the exchange rate, as the Central Bank of Egypt allowed the exchange rate of the pound to be reduced for the first time in more than 14 months against the dollar, especially after a surprising step to raise the interest rate by about 600 basis points in an extraordinary meeting.

Misr Petroleum Company obtained a guarantee from the Ministry of Finance to obtain the loan, and the company is expected to obtain the loan during the second quarter of 2024.