NBE Renews EGP1.5bn Credit Facilities for Egypt’s Cotton Sector Next Month

The National Bank of Egypt (NBE) plans within next month to renew credit facilities worth EGP 1.5 billion for its clients working in the country’s cotton sector.

Speaking to Amwal Al Ghad on Wednesday, NBE’s board member Yehia Abu El Fotouh said his bank pumped credit facilities for the country’s cotton sector at values ranging between EGP 1-1.2 billion during 2013. Most of the cotton firms are repaying their dues to the NBE regularly, he added.

NBE’s finances for Egypt’s cotton sector include big, small and medium-sized companies nationwide, Abu El Fotouh noted.

The largest state-owned bank is planning to boost its portfolio of corporate loans to EGP 82 billion by the end of the current fiscal year.