Crédit Agricole Egypt announced signing a medium-term credit facility agreement with Petroleum Air Services Company (PAS), through which the bank will secure financing the company’s purchase of a new helicopter.
The signing ceremony took place in the presence of Managing Director of Crédit Agricole Egypt Pierre Finas, Deputy Managing Director and Chief Commercial Officer Walie Lotfy, as well as the senior relationship management team. From PAS side, Chairperson and Managing Director General Yehia Hussein, top advisors, and managers were present.
According to the signed agreement, Crédit Agricole Egypt will provide a medium-term loan to be repaid over five and a half years, which shall cover 80% of the helicopter’s total value. The cooperation between the bank and PAS, which began in 1983, represents a major step in the long-term fruitful partnership aiming for the company’s expansion into air transport services inside and outside Egypt.
PAS provides air services transportation locally and internationally, using helicopters and fixed wing aircraft in the field of services required by petroleum companies, mineral resources, economical and industrial projects, which are exemplified in transporting individuals, equipment, pipeline surveillance, and air taxi services.
Aiming to become a leading innovation-driven and sustainable bank as well as support the national economy, Crédit Agricole Egypt is actively serving different sectors and bringing its clients the local knowhow with the worldwide expertise of its group. The bank is present across the wide spectrum of companies, offering a large array of services and products tailored specifically to cater for their different operational needs and growth projects.