NBE, EALB Consider US$ 20 Mln Finance to a Tourism Project
The National Bank of Egypt (NBE) and Egyptian Arab Land Bank (EALB) consider offering credit facilities of US$ 20 million to a customer working in tourism sector.
These credit facilities are to finance the establishment and finishing of two hotels in Sharm El Sheikh and Hurghada, said Yehia Abu El Fotouh, head of non-performing loans department at NBE.
The customer owes by US$ 100 million to both banks and offering these credit facilities came as part of the Bank’s efforts to finance the establishment of tourism projects that were suspended after the turmoil that followed 25th January, Abu El Fotouh added.
NBE earlier granted 8-year credit facilities of US$ 40 million to a customer working in trourism to establish a hotel in Sharm El Sheikh, Abu El Fotouh said, affirming on the Bank’s continuing efforts to lend projects as long as they have acceptable feasibility studies.
