National Bank of Egypt may delay tourism clients’ installments to 2018-end

Egypt’s largest bank, the state-owned National Bank of Egypt (NBE) may delay collecting debts for clients operating in the country’s tourism sector until the end of 2018.

The tourism sector’s debts to the NBE are worth 20 billion Egyptian pounds ($1.1 billion), divided into 10 billion pounds as performing loans and 10 billion pounds as non-performing, NBE vice president Yehia Abu El Fotouh said Tuesday.

“The NBE is very keen to support all the country’s sectors, notably the tourism industry, which is a vital source of hard currency.” Abu El Fotouh told Amwal Al Ghad.