Four Banks Seize Reemyvera Village To Settle EGP 380 Mln Debt

The National Bank of Egypt (NBE), Banque Misr, Egyptian Arab Land Bank (EALB) and Suez Canal Bank seized Reemyvera Touristic Village in Hurghada in return for settling EGP 380 million worth of a bad debt.

A verdict has ruled for the right of banks to seize the Village in return for settling the debt of the defaulter.

The values of the debts owed to the banks are divided as follows: EALB (EGP 118 million), NBE (EGP 100 million), Banque Misr (EGP 100 million) and Suez Canal Bank (EGP 62 million).

Gamal Negm, Sub-Governor of the Central Bank of Egypt (CBE), had earlier stated that the Egyptian banking sector’s non-performing loans fell from EGP 100 billion to EGP 30 billion in the last ten years.