NBE Considers Offering EGP 8 mln For An Indebted Tourism Project

National Bank of Egypt (NBE) studies offering credit facilities of EGP 8 million for an indebted customer working in tourism to finalize the establishment of a tourist village in Al-Qusayr in Safaga.

Yehia Aboul Fettouh, head of non-performing loans department at NBE, told Amwal Al Ghad that the Bank approved to offer EGP 10 million to a medical appliances project in Belbies City in Sharkia which is indebted with EGP 50 million. NBE also approved to offer EGP 20 million to two construction projects in Cairo, EGP 60 million to a customer working in tourism and EGP 2 million to a factory for screws in Arish City.

NBE settled debts with value of EGP 600 million for the period from July 2011 to March 2012, as non-performing loans reached EGP 7.4 billion at the end of March 2012, compared with EGP 8 billion at the end of June 2011. NBE targets decreasing non-performing loans portfolio to EGP 7 billion by the end of the current fiscal year.