NBE Collects EGP360mn Extra Budget Debts in FY13/14

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The National bank of Egypt (NBE) collected extra budget debts for the fiscal year of 2013/2014 worth EGP360million.

Head of non-performing loans at National Bank of Egypt (NBE), Yehia Abu El Fotouh quoted Amwal Al Ghad in an exclusive that that total value of debts did not fall among the bank’s budget which estimated at EGP13billion.

Non-performing loans Portfolio reached around EGP6 billion at the end of 2013/2014 and the bank is considering reducing it to up EGP5.5billion by the end of the current year, stressing that his bank collected cash collections from non-performers customers valued at EGP800million during the ongoing year of 2013/2014, Abu El Fotouh explained.

NBE postponed the premiums of all customers in tourism sector with EGP4.5billion total debts for implementing 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.