EGYPT – Petroleum Air Services Company has signed a medium-term credit facility agreement with Crédit Agricole Egypt through which the bank will secure financing for the company’s purchase of a new helicopter.

The signing ceremony was presided over by the Managing Director of Crédit Agricole Egypt Pierre Finas, and the Chairperson and Managing Director of PAS, General Yehia Hussein.

According to the signed agreement, Crédit Agricole Egypt will provide a medium-term loan to be repaid over a period of five and a half years, which shall cover 80% of the helicopter’s total value.

The two parties noted that the cooperation between them, 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.

Its main clientele are 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 and the worldwide expertise of its group.

The bank also has a presence across a wide spectrum of companies, offering a large array of services and products tailored specifically to cater for their different operational needs and growth projects.