NBE’s NPLs Portfolio Fell to EGP5.5bln in FY14/15

National Bank of Egypt is aiming to reduce its non-performing loan (NPL) portfolio to close at EGP5.5 billion by the end of the current fiscal year against EGP6 billion in the previous year.

Head of non-performing loans at National Bank of Egypt(NBE), Yehia Abu El Fotouh said NBE postponed all the premiums of clients in tourism sector with EGP4.5 billion total debts by 2014-end in accordance to Central Bank of Egypt’s initiative.

In 2013, Central bank launched initiative so as to support tourism sector especially the credit facilities which granted to clients for financing hotels and tourism projects.