EALB’s 10-Month Corporate Loans Registered EGP 500 Mln

By Administrator On May 28, 2012

Egypt Arab Land Bank’s (EALB) corporate loans and credit facilities registered EGP 500 million while loans portfolio rose to EGP 15.3 billion for the period from the beginning of FY 2011/2012 to the end of April 2012.

Abdel Megid Mohy El-Din, deputy chairman of EALB, told Amwal Al Ghad that the deteriorating situation witnessed by real estate and tourism sectors affected the Bank’s credit facilities granted for both sectors.

EALB plans to diversify its portfolio, not only focusing on real estate and tourism sectors that acquired 80% of the Bank’s finances till now, as a step to lessen the volume of risks. Therefore, the Bank will finance commerce, electricity, pharmaceuticals, steel and cement sectors, Mohy El-Din added.

Mohy El-Din expected real estate market to improve after the presidential elections, noting that middle-class real estate market did not witness a recession.