ARCOSTEEL Pays off EGP220mn to National Bank of Egypt

The biggest debtor to Egypt’s largest lender the National Bank of Egypt has paid off today EGP 220 million out of total default debts worth EGP 1.8 billion.

Head of non-performing loans at National Bank of Egypt (NBE), Yehia Abu El Fotouh has informed Amwal Al Ghad that the bank is waiting collecting the second installment of the debt settlement from the Arab Company for Special Steel (ARCOSTEEL), which is estimated at EGP20 million within this month.

Abu El Fotouh noted that the remaining value will be collected over 10 years beside giving the company two years as a grace period.

NBE has been repaid debts in cash worth EGP 800 million by clients in default.

NBE’s portfolio of non-performing loans reached around EGP6 billion at the end of FY13/14, the bank considers reducing it to EGP 5.5 billion by the end of the current year.