Central Bank of Egypt Has Granted EALB EGP7bn Loans in Last Years

Egyptian Arab Land Bank (EALB) Chairman Abdel Meguid Mohy El-Din said his bank obtained support loans worth EGP7 billion in the last years, stressing that there no intentions regarding getting new loans in the current time.

In statements to Amwal Al Ghad on Saturday, Mohy El-Din added that the bank has an ambitious plan which bases on getting rid of its non-performing debts which exhausted the bank over the past years, amounting to EGP5.6 billion over the next five years.

EALB is targeting to increase its deposits that totaling EGP16 billion by 10% per year alongside it aims to expand in the participation of financing all the sectors which have an economic feasibility including iron and petrochemical for the growth of the bank’s portfolio loans amounting to EGP12.5 billion, Mohy El-Din explained.

Moreover, the bank has conducted settlements worth EGP400 million during the first quarter, there are provisions for the clients with debts amounting to EGP500 million which not collected until this moment.