IDWBE Offers EGP 25 Mln Credit Facilities to Paper Firm in Default

Industrial Development Bank and Workers bank of Egypt (IDWBE) has finalized from floating rate debts in default worth EGP 160 million plagued by one of the paper companies in the country.

An official source has informed Amwal Al Ghad that the bank pumped EGP 25 million credit facilities to the customer as the bank seeks to support the country’s industrial sector.

The source has explained that the bank is  targeting to float faltering customers in the industrial sector in Arab tower with EGP 14 million in Cooperation with National Societe Generale Bank (NSGB).

The source has pointed out that total value of debt settlements conducted by the bank during the last year and half reached EGP 550 million, asserting that the bank reduced its non-performing loan portfolio to EGP 1.6 billion.