The Arab African International Bank (AAIB) said the non-performing loans portfolio accounted for 1.5% of the total credit portfolio that reached EGP 26 billion at the end of the first half of 2012.

Sources told Amwal Al Ghad that the bank succeeded in settling bad debts of more than EGP 100 million and that most settlements were in return for cash due to the economic recession Egypt is witnessing.

AAIB targets to dispose of its non-performing loans by the next year as the bank is holding meetings with ailing customers to reach compromising solutions, sources added.

The bank approved offering new credit facilities worth EGP 170-180 million for Rooya Holding owned by Hisham Shoukry to finance the second phase of Telal El Sokhna project in Ain Sukhna.