EALB Raises Investments In Govt. Debt Instruments To EGP 3.1 Bln End-June

The Egyptian Arab Land Bank (EALB) said its investments in government debt instruments (treasury bills and bonds) rose by EGP 200 million, registering EGP 3.1 billion at the end of June, up from EGP 2.9 billion at the end of April.

The bank invests EGP 1.8 billion in treasury bills and EGP 1.3 billion in treasury bonds, said Abdel Megid Mohy El Din, chairman of the bank.

Mohy El Din affirmed that the bank did not invest in government debt instruments at the expense of financing important projects, as the bank uses its surplus funds to invest in these instruments.

The bank has set a strategy to reduce its non-performing loans. The lender settled some of the bad loans worth EGP 800 million by the end of last year and targets settling about EGP one billion worth of bad loans in the current year.