Egypt’s National Bank injects $2.5mn to float debts of paper firm

The National Bank of Egypt (NBE) has pumped 20 million Egyptian pounds (US$2.5 million) to float the debts of a paper producing company, Executive Board Member Yehia Aboul Fotouh stated Wednesday.

Speaking to Amwal Al Gahd , Aboul Fotouh stated that company’s debts are estimated at 35 million pounds.

The official added that NBE has agreed to schedule company’s debts over a 7-year payment period.

National Bank of Egypt -the oldest and largest bank in Egypt- has injected 365 million pounds within the last period to float 15 in default clients working in the industrial sector to re-operate their factories again, Aboul Fotouh clarified.

Official Aboul Fotouh noted that NBE has reached settlements worth 2.5 billion pounds with around 373 clients at the end of 2015.

The portfolio of Non-performing Debts (NPD) of NBE has been declined to 5 billion Egyptian pounds at the end of the first half of fiscal year 2015-16 from 6 billion pounds at the end of previous fiscal year.

National Bank of Egypt  is targeting reducing its portfolio to 4.5 billion Egyptian pounds (US$582.7 million) by the end of financial year 2015-16.