NBE secures 450 mln credit facilities to 2 firms in electricity sector

National Bank of Egypt (NBE), the country’s largest state bank, has pumped credit facilities of 450 million (25 million) in two companies operating in the electricity sector during last week.

NBE deputy chairman Yehia Aboul Fotouh told Amwal Al Ghad that the facilities distributed between 350 million pounds given to an electrical cable firm and 100 million pounds to  electricity transformers firm.

He added that the total value of the bank’s credit portfolio has registered 400 million pounds by the end of 2017, with a target to increase it by 15 percent during the current year.

Aboul Fotouh noted that the bank’s deposits volume has increased to 900 billion pounds by the end of 2017, referring that high-yield certificates have attracted a sum that exceeded 430 million Egyptian million pounds.

The National Bank of Egypt’s plan aims to increase the volume of SMEs portfolio, to register 42 billion Egyptian pounds by the end of June 2018 compared 40 million pounds including the direct and indirect funds.  It also aims for the personal financing to reach 45 billion pounds comparing to 42 billion pounds.