NBE Injects EGP 180 Mln Credit Facilities For A Hurghada Hotel

The National Bank of Egypt (NBE) plans to inject new credit facilities of EGP 180 million to a 440-room hotel in Hurghada to finance the establishment of 560 rooms, sources said.

NBE is paying great attention to the tourism sector despite it has been considered a high-risk investment since last year’s revolution. However, the bank’s key role in the country has made it continuously inject new credit facilities to that important sector which is an important source of dollars.

NBE targets to reduce non-performing loans from EGP 6.2 billion to EGP 5 billion by the end of FY 2012/2013. The bank succeeded in settling bad debts of more than EGP 2 billion in the last fiscal year.