EALB Eyes EGP750mn Finance in FY14/15

By Salma Ayman On Jul 17, 2014

Egyptian Arab Land Bank eyes pumping new finance worth EGP750 million within the current fiscal year of 2014/2015, so the total value of portfolio increased to EGP12.750 billion.

Speaking to Amwal Al Ghad, Mr. Abdel Megid Mohy El-Din – Chairman said his bank is aiming focusing on all the vital sectors including Petrochemicals, energy and real estate sectors.

EALB participated in several joint finance in the last fiscal year headed by Egyptian General Petroleum Corporation’s loan , KIMA’s loan, Hyde Park’s loan in addition to SODIC’s loan which is ranging from EGP100 to EGP200 million.

EALBdiscussed new strategy with the Central Bank of Egypt (CBE) by the upcoming period most notably it focuses on closing the losses file which estimated at EGP6 billion during the next 5 years through alluring new deposits valued at EGP12 billion by 2018 along with expanding in pumping new loans in the market.

Moreover, EALB’s branches achieved EGP25 million profits in Palestine and Jordon within the first half of the ongoing year.