NBE Restructures Debts Of Aswan Date Honey Factory

A date honey factory in Aswan resumed its production after it stopped for eight months when it defaulted on paying EGP 1.5 billion loan to the National Bank of Egypt (NBE).

Sutohey Moustafa, chairman of Aswan Investors Association, said the factory has signed a final agreement with NBE to repay its debts with facilities. The factory also signed an agreement with NBE to offer working capital in order to resume production.

Eight defaulting factories are in talks with NBE to restructure their debts and receive working capital to resume production after the successive losses which made them stop production.