Egypt's state oil company Egyptian General Petroleum Corporation (EGPC) signed a USD200mn loan agreement on Tuesday with the African Export-Import Bank to help expand electricity generation and distribution, an Afreximbank statement said. The agreement entails that EGPC would ensure uninterrupted energy supply for the Egyptian industry by financing imports of oil and gas products, Afreximbank president Benedict Oramah said. The Minister of Petroleum, Tarek El Molla, said the loan would "complement the efforts of the government in meeting the continuing needs for the development of the country", the statement added. In August, the government announced that it was raising household electricity prices by 40% as part of plans to eliminate power subsidies in the next few years after consumption of cheaper electricity has exacerbated energy shortages and power cuts in summer months. (Reuters)