CBE opens USD 400 million trade finance facility for EGPC to import fuel
The Central Bank of Egypt (CBE) is providing the national oil company Egyptian General Petroleum Corporation with a USD400 million letter of credit for fuel imports in 1Q2016. The CBE is unable to provide more funds without impacting the foreign reserve, so EGPC will have to source extra foreign currencies elsewhere, a source tells Al Borsa. EGPC’s monthly import bill stands at USD700 million, the source added. (Al Borsa, Enterprise)
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