NBE Negotiates with Hurghada’s Tourist Client to Settle Debts worth EGP250mn

National Bank of Egypt (NBE) is currently negotiating with tourist client in Hurghada to settle debts worth EGP250 million.

Speaking to Amwal Al Ghad on Saturday, Head of non-performing loans at NBE, Yehia Abu El Fotouh said the bank is negotiating in order to settle cash debts besides exempting from the client part of the interest.

The bank is considering the clients’ attitude towards the tourism sector during the upcoming month after the completion of the Central Bank of Egypt (CBE)’s initiative.

The tourism sector witnessed relative improvement within the recent period in occupancy rates against the previous period due to the political stability, noting that the tourism sector’s portfolio ups EGP9 billion, EGP5 billion performing loans and EGP4 billion non-performing loans, Abu El Fotouh added.

The bank succeeded in collecting EGP400 million from the clients of tourism sector in the fiscal year of 2013/2014.

The bank’s non-performing debts portfolio reached EGP6 billion at the end of 2013/2014, the bank is considering reducing it to EGP5.5 billion by the end of the current year.