Banque Misr: EGP 4 bln Tourism Funds Portfolio, 50% Faltering

Mohamed Abbas Fayed, Vice President of the Board of Directors of Banque Misr, has revealed that the portfolio of tourism funds reached EGP 4 billion now, pointing out that it does not constitute a large proportion of the bank’s loan portfolio.

Fayed added in an exclusive to Amwal Al Ghad, that the size of faltering of tourism finance portfolio reached 50% from the total portfolio worth EGP 2 billion approximately.

The initiatives which announced by the Central Bank of Egypt (CBE)to support the customers tourism falters, noting that some investors who their debts have been scheduled, postponed or even reduced in some cases, rejecting to reveal the premiums volume which have been postponed during the last period.

Hisham Ramez, the Governor of CBE launched an initiative to support the tourism sector in last March , this initiative is considering every case individually and to take appropriate decision through a number of controls including granting grace period up to maximum a year.