EALB Raises Individual, Corporate Loans Portfolio By EGP 1.5 Bln In FY 2012/13

The Egyptian Arab Land Bank (EALB) targets to increase the portfolios of corporate loans and individual loans by EGP 1.5 billion in FY 2012/2013.

EALB will raise corporate loan portfolio from EGP 14.3 billion to EGP 15.3 billion and individual loan portfolio from EGP one billion to EGP 1.5 billion, said Abdel Megid Mohy El-Din, deputy chairman of EALB.

The bank will inject these finances into vital projects through offering syndicated loans and credit facilities. The bank has recently approved to contribute with EGP 300 million to the syndicated loan arranged for Hyde Park Properties for Development to finance the commercial components of Hyde Park’s project in El Tagamu El Khames.

EALB targets to conduct settlement agreements to settle bad debts of EGP one billion in the current year. The bank settled bad debts of EGP 800 million last year.