The Egyptian General Petroleum Corporation has secured a syndicated loan of $1.5bn to help it pay back its multi-billion-dollar debts to international oil companies.

The facility has been arranged by National Bank of Egypt and National Bank of Abu Dhabi, according to a statement released on 28 November.

Egypt is currently wrestling with its worst energy crisis in decades as hydrocarbon production declines and domestic demand increases.

In October, Egypt said its debt to oil companies, including British firms BP and BG Group, stood at $4.9bn as it struggled to pay producers for gas piped to consumers.

Egypt has said it will repay the debt by 13 May 2015, with 60 per cent paid off before the end of 2015.