Egyptian Arab Land Bank Settles Debts worth EGP400mn in Q1

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 Chairman of Egyptian Arab Land Bank (EALB) Chairman Abdel Meguid Mohy El-Din said his bank succeeded to settle debts worth EGP400 million with clients in default within the first quarter of 2014/2015.

In statements to Amwal Al Ghad, Mohy El-Din explained that the bank conducted the major settlement during the first quarter with one of real estate’s sector worth EGP300 million in collaboration with Suez Canal bank and Piraeus bank.

EALB is aiming to settle debts worth EGP1 billion within the current year in compared to EGP850million debts in the previous year.