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Crédit Agricole Egypt and Petroleum Air Services sign a credit facility agreement for the purchase of an aircraft

Cairo, November 20th, 2019 – As part of its strategy aimed at supporting the vital sectors and leading companies, and thus contributing to the development of the Egyptian economy, Crédit Agricole Egypt announced signing a medium-term credit facility agreement with Petroleum Air Services Company (PAS), under which the bank will secure financing for the company’s purchase of a new helicopter.

The signing ceremony took place in the presence of Mr. Pierre Finas, Managing Director of Crédit Agricole Egypt, Mr. Walie Lotfy, Deputy Managing Director, as well as the senior relationship management team. From PAS side, General Yehia Hussein, Chairman and 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 the 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 & industrial projects, which are exemplified in transporting individuals, equipment, pipeline surveillance and air taxi services.

Aiming to be a leading innovation-driven sustainable bank and to bring support to the national economy, Crédit Agricole Egypt is actively serving the different sectors and bringing to 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. 

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About Crédit Agricole Egypt:

Crédit Agricole Egypt is a subsidiary of the Crédit Agricole Group, a market leader in Universal Customer-Focused Banking in France and one of the largest banks worldwide. With operations in 50 countries, Crédit Agricole Group seeks to serve the real economy by supporting its clients’ projects in all areas of retail banking and associated specialized business lines. Emphasizing its values and commitment, Crédit Agricole Group is the bank of common sense. It puts the satisfaction and the interests of all its customers, employees and shareholders at the heart of its activities.

Established in 2006, Crédit Agricole Egypt has become an active player in Egypt’s financial industry offering a wide range of innovative and convenient products to its clients across the entire spectrum: Corporate, SMEs and individuals. Crédit Agricole Egypt’s key goal is customers’ satisfaction by valuing and prioritizing their best interests. Thus, Crédit Agricole Egypt has created specialized segments to cater its customers’

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