NBE Signs Agreement To Finance Al-Watania Poultry With EGP 200 Mln

The National Bank of Egypt (NBE) signed the definitive agreement of the EGP 200 million loan offered to Al-Watania Poultry Company last week.

Sources the Murabaha loan will finance the company’s expansions including the purchasing of raw materials, machines and equipments in the current period.

The value of the bank’s Islamic finances rose about EGP 220 million to register EGP 420 million. The bank’s Islamic deposits are close to reach EGP 1 billion, but the bank does not target to increase them by the upcoming period because the loan-to-deposit ratio is low in the meantime due to the current market recession, sources noted.

The bank has two Islamic branches; one in Dokki which acquires 80% of deposits, and the other in Al-Azhar which acquires 20% of deposits.