NBE reaches $32mn-debt settlement with gas firm

Egypt’s National Bank of Egypt (NBE) has reached a debt settlement agreement with a gas company worth 250 million Egyptian pounds (US$31.9 million).

Yehia Aboul Fotouh -executive board member- told Amwal Al Ghad Saturday that the company is to pay 10 percent of the debt and to pay the rest sum over eight years.

The standalone portfolio of NBE has declined to 5 billion pounds by the end of the first half of fiscal year 2015-16 opposed to 6 billion pounds at the end of previous year, the official noted.

He said that National Bank of Egypt targets its standalone debt portfolio to reach 4.5 billion pounds at the end of 2015-16.