NBE Considering New Funds for Construction Sector with EGP1 bln

An official source in the National Bank of Egypt (NBE) said his bank is considering pumping EGP1billion credit facilities in the current time in favor of 4 construction firms.

He has informed Amwal Al Ghad that NBE has pumped other EGP1 billion during the first half of the current fiscal year for 6 construction firms.

He pointed out that NBE provided credit facilities for the customers of construction firms in the last period in the framework of supporting their investments.

The total financing portfolio of the major firms of the bank up around EGP79.5 billion in December2013, expecting that the portfolio will close at EGP80 billion by the end of the current fiscal year of 2013/2014 under the collected premiums which estimated at EGP4 billion.

The value of the customers’ deposit portfolio registered EGP330 billion at the end of the first half of 2013/2014 against EGP322 billion in the previous year, targeting boosting to EGP10 billion, so the total portfolio will hit EGP340 billion by 2014-end.

NBE’s profits are about EGP1 billion in Q1 of 2014, aiming to inch by 10% in compared to the profits of the last fiscal year that exceeded EGP3 billion, move up by EGP3.5 billion.