IDWBE Negotiates with 2 Clients in Default to Settle EGP60 mln

Industrial Development and Workers Bank of Egypt (IDWBE) is negotiating with two clients in default in the industrial sector in order to settle debts with EGP60 million.

An official banking source has informed Amwal Al Ghad that the bank negotiated several meetings with the two clients in default during the last days in order to reach for a final agreement regarding the settlement which will be signed before the end of the first quarter of this year.

The total settlements value reached around EGP550 million at the end of 2013, including EGP160 million for paper firm.

The bank succeeded in reducing the portfolio of non-performing debts from EGP1.75 billion to EGP1.635 billion by the end of last year as the bank’s board of directors will put ambition plan to strengthen the gap allocations completely by the end of 2014.

IDWBE is aiming to attain EGP175 million profits within the current year against EGP152 million at the end of 2013.