IDWBE Cuts NPL Portfolio to EGP1.635 billion at 2013-end

The Industrial Development &Workers Bank of Egypt (IDWBE) had made settlements with defaulters amounting to EGP 550 million by the end of 2013.

Hamdi Azzam – Executive Board Member at IDWBE – told to Amwal Al Ghad on Thursday that his bank had managed to narrow its Non-Performing Loan portfolio to EGP 1.635 billion from EGP 1.75 billion at 2013-end.

The Egyptian official further referred that the political incidents witnessed by Egypt during 2013 had reversely affected IDWBE’s planned debt settlements.

Moreover, Azzam said IDWBE had recently reached a settlement agreement with an Egypt-based firm for paper products whose debts totaled EGP 160 million.

Elsewhere, IDWBE had pumped EGP 200 million during 2013, with the aim to support an allocation gap, Azzam added, underscoring an ambitious plan to entirely fill such a gap within 2014.