NBE Collects EGP1.6bn Extra Budget Debts in 3 Years

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The National bank of Egypt (NBE) collected extra budget debts within 3 years worth EGP1.6 billion from EGP13billion total value of debts.

Head of non-performing loans at National Bank of Egypt (NBE), Yehia Abu El Fotouh said  NBE has collected EGP800 million cash from non-performers customers during the last year including EGP360million extra budget debts.

In a statements to Amwal Al Ghad, Abu El Fotouh explained that the bank’s non-performing debt portfolio reached EGP6billion at the end of 2013/2014 and the bank considers reducing it to EGP5.5billion by 2014-end.

NBE postponed the premiums of all customers in tourism sector with EGP4.5billion total debts according to CBE’s initiative.

CBE launched initiative for supporting tourism sector especially the granted credit facilities for customers with the purpose of financing-stay hotels and tourist projects, and excluded them held for sale.