ICEC

NBE Settles EGP 100 Mln Debts In Exchange For Assets In Ain Sukhna

National Bank of Egypt (NBE) approved settling EGP 100 million debt of a customer in exchange for a hotel and some chalets in Ain Sukhna, said Yehia Aboul Fettouh, head of non-performing loans unit at NBE.

Aboul Fettouh told Amwal Al Ghad that NBE has made 2600 debt settlement deals with value of EGP 22.6 billion till the end of March reducing the EGP 30 billion accumulated debts since 2008, to EGP 7.4 billion.

NBE succeeded in rescheduling customers’ debts and giving them credit facilities to be able to resume their investments such as NBE’s deal to restructure a medical industries investor’s EGP 10 million debts of the total value of his EGP 60 million debts.

It is worth mentioning that NBE has approved settling Amr Al-Nasharty’s EGP 310 million debts in exchange for some of his assets including an outlet of Sainsbury’s Group in Zamalek.

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