NBE Considers Pumping EGP3.5bln Credit Facilities for Sugar, Cotton Sectors

Big 5

National Bank of Egypt (NBE) is considering pumping credit facilities in favor of Cotton and sugar sectors with value ranging between EGP3 to EGP3.5 billion within the current month.

An official banking source told Amwal Al Ghad that NBE injected EGP2.2 billion credit facilities for the two sectors in the last year, with 90% regular payment rates.

NBE’s finance for cotton firms distributed between major, small and medium enterprises across governorates, sources explained.

The bank is aiming boosting the loan portfolio of major firms to become EGP82 billion by the end of the next fiscal year against EGP78 billion portfolio in the last year.

Moreover, NBE is seeking to increase the deposits of its clients due to the raise of deposit portfolio to EGP370 billion, it surges by EGP30 billion to eventually record EGP400 billion.