NBE Obtains EGP 1.1 bln Extra -Budget Debts Within 3 Years

The National Bank of Egypt (NBE), has obtained EGP 1.1 billion extra-budget debts within the last three years.

Yehia Abu El Fotouh, head of non-performing loans department at NBE, said the bank settled EGP 1 billion out of the budget during the current year and will be collected within the current period

Abu El Fotouh added that NBE is targeting to downsize the non-performing debts and to make the portfolio up EGP 5 billion by the end of this year, compared to EGP 6.1 billion in FY/12.

The latest developments of the NBE’s  negotiations with the biggest faltering client of Arcostal Steel company concerning their debts which reaching EGP 1.7 billion.

The Company’s general Assembly emphasized that it has commissioned tripartite committee to the study the bank’s offer that based on completing the restructure of the company and its capitals.