NBE Expects Irregular Dept Portfolio to Reach EGP6 Mln By FY-End

Yehia Abou El-Fotouh – Executive Committee Member and Corporate Credit Risk,Debt Recover & Restructuring Groups Head at the National Bank of Egypt (NBE) – said he expects the bank’s irregular dept portfolio will likely reach EGP 6 Mln by the end of the current fiscal year 2012/13, compared to EGP 6.6 billion posted by the end of last May.

Mr. Abou El-Fotouh further told Amwal Al Ghad that NBE has finalized a settlement worth EGP 75 million with Aswan-based company for the natural gas distribution, through paying EGP 3 million in cash, in return for acquiring share in the company’s assets.

He pointed out that his bank has backed up tourism sector within the framework of Central Bank of Egypt (CBE)’s initiative to support the most affected sector by the post-revolt incidents. Therefore, the NBE has postponed due premiums worth EGP 850 million in favor of the sector.

It is worth mentioning that NBE reached last week a final agreement with businessman Walid Tawfik, a former legitimate and legal importer of KIA motors in Egypt, over debt settlement ranging between EGP 190 – 200 million.