NBE secures 450 mln pounds in credit facilities for Egypt electricity sector

National Bank of Egypt (NBE), the country’s largest state bank, has recently pumped credit facilities of 450 million Egyptian pounds ($25 million) into two local companies operating in the electricity sector.

The money is distributed as 350 million pounds given to an electrical cable firm and 100 million pounds to an electricity transformers firm, NBE deputy chairman Yehia Aboul Fotouh told Amwal Al Ghad on Thursday.

The bank’s credit portfolio has registered 400 million pounds by the end of 2017, with a target to increase it by 15 percent during the current year, he added.

Deposits rose to 900 billion pounds by the end of 2017, Aboul Fotouh said, referring that his bank has attracted more than 430 million pounds from high-yield certificates.

The National Bank of Egypt’s plan aims to increase the volume of SMEs portfolio, to register 42 billion Egyptian pounds by the end of June, compared 40 million pounds.  It also targets personal financing reaching 45 billion pounds from 42 billion pounds.