NBE Renews EGP2.6bn Credit Facilities for Egypt’s Cotton, Sugar Sectors

The National Bank of Egypt (NBE) announced it has renewed its EGP 2.6 billion (US$363.5 million) credit facilities for the country’s cotton and sugar sectors during this December.

According to NBE’s board member Yehia Abu El Fotouh, the bank’s renewed credit facilities are divided into EGP 1.1 billion for the sugar sector and EGP 1.5 billion for the cotton sector.

The Egyptian banking official further elaborated that sugar and cotton sectors in Egypt are vivid, characterized by repaying their dues to the bank regulatory.

Moreover, Abu El Fotouh said in an earlier statement the largest state-owned bank had decided to raise the credit facilities given to the country’s contracting sector within the coming year to EGP 30 billion, from EGP 22 billion.