NBE, United Bank Inject EGP 14 Mln Credit Facilities To El-Khouly Company

The National Bank of Egypt (NBE) and United Bank of Egypt target to inject about EGP 14 million of credit facilities to El Khouly Spinning and Weaving Company in Sixth of October City.

Such credit facilities will be used to shore up the defaulting customer through financing the company’s commercial activity which was halted during the last period because of the political turmoil Egypt witnessed, sources said.

In addition, NBE approved to offer credit facilities of EGP 120 million to a tourism company for financing its expansions in Sharm El-Sheikh and Hurghada as well as credit facilities of EGP 180 million to a 440-room hotel in Hurghada to establish 560 rooms.

NBE targets to reduce non-performing loans from EGP 6.2 billion to EGP 5 billion by the end of FY 2012/2013. NBE awaits the bankruptcy verdict against Amr Al Nasharty, owner of Sainsbury’s Group, to settle his EGP 310 million debt through selling some of his assets.