Egypt’s National Bank secures $46.6mn for defaulting industrial sector clients

National Bank of Egypt, the country’s biggest state-run bank, is offering new credit facilities worth 365 million Egyptian pounds (US$46.6 million) to support 15 defaulting industrial sector client, said board member Yehia Aboul Fotouh.

Last week, NBE pumped 25 million pounds to support two firms working in packaging sector in addition to 65 million for glass firm, the banking official told Amwal Al Ghad.

This comes within the framework of the central bank’s initiative to encourage Egyptian banks to float defaulting industrial sector clients, by allowing banks to form new loans allocation to be granted to troubled customers, where floating them could be feasible by only 5% of the financing value, while adhering to the standards and regulations in this regard.