NBE, EALB, ABC May Settle EGP 115 Mln Debt For Dokki Hospital

The National Bank of Egypt (NBE), the Egyptian Arab Land Bank (EALB) and the Arab Banking Corporation (ABC) plan to settle debts of EGP 115 million owed by a customer working in the medical sector. A source at NBE said 60% of the debt is owed to EALB, 20% to NBE and 20% to ABC.

The most possible debt settlement scheme is acquiring a stake in the customer’s hospital in Dokki, the source noted, adding that NBE has recently acquired 79% of another hospital in Mokattam.

NBE has reached an agreement to settle debt worth EGP 90 million owed by a customer in the medical sector. Such agreement stated that the customer shall pay EGP 5 million in cash and pay the rest of the debt over a period of 10 years, according to the volume of his cash flows.

NBE is in talks to settle debt worth EGP 50 million owed by a customer owning a hospital in Dokki. The bank has not reached an agreement on the debt settlement scheme yet.