Egypt’s NBE allocates $33mn for car manufacturing company

National Bank of Egypt (NBE), the country’s largest state bank, has granted funds of 300 million Egyptian pounds (US$33million) to a company operating in car manufacturing during the current year, its vice-president Yehia Abu El Fotouh  said.

He told Amwal Al ghad has injected credit facilities worth 300 million Egyptian pounds into two firms working in power field to buy spare parts for some of their power stations.

Furthermore, NBE’s credit facilities portfolio amounts to 1.5 billion Egyptian pounds by the end of June from 125 billion Egyptian pounds a year earlier.

Abu El Fotouh stated that NBE’s deposits portfolio has increased by 14 percent to register EGP 448 billion compared to EGP 393 billion in 2014.