EALB Negotiates Defaulter To Settle EGP 45 Mln Bad Debt

The Egyptian Arab Land Bank (EALB) conducts negotiations with a defaulting customer in the medical sector to settle his EGP 45 million debt. Abdel Megid Mohy El-Din, chairman of EALB, said the settlement is likely to be in return for acquiring a hospital.

The bank settled EGP 400 million bad debts from July 2012 to March 2013, he added.

Moreover, the bank is close to settling EGP 123 million debt in return for acquiring a customer’s real estate assets in Sharm El-Sheikh which is a tourist hotel.

EALB’s real estate assets portfolio registered EGP 2.4 billion at the end of last March. The bank awaits the recovery of the real estate market to sell some of its real estate assets worth EGP 1 billion, he elaborated.