EALB Settles EGP 900 Mln Bad Debts In 2011/12

Egyptian Arab Land Bank (EALB) plans to settle non-performing debts with value of EGP 900 million by the end of FY 2011/2012.

EALB has settled debts with value of EGP 700 million since the beginning of September 2011 by the end of last April, said Abdel Meguid Mohy El-Din, deputy chairman of EALB, noting that the central bank supported EALB’s provisions to meet the volume of the Bank’s non-performing loans.

EALB’s board has agreed on the final form of the debt settlement of the businessman Magdi Yacoub who owes EGP 125 million. Under the settlement agreement, EALB will receive its dues in the form of real estate assets, Mohy El-Din added.

Mohy El-Din said EALB plans to dispose of its non-performing loans portfolio that goes back to the 1990s.