EALB in Talks with Defaulter Clients to Settle EGP500 million Debts

Egyptian Arab Land Bank (EALB) is currently in talks with defaulter clients in order to settle EGP500 million debts, said an official source of the bank.

In statements to Amwal Al Ghad on Sunday, EALB is aiming to complete the settlement of these debts before the end of the ongoing year, while the board is seeking to surge the settlement to EGP1 billion by the end of the current FY.

EALB has settled one of real estate companies debts with EGP300 million with the contribution of Suez Canal and Piraeus Banks Egypt, as EALB’s stake in debt is EGP80 million.

In the last 3 years, EALB was settled EGP1.5 billion despite the turmoil situations which experienced by Egyptian economy.