NBE Offers EGP 60 Mln Credit Facilities To 3 Road Construction Companies

The National Bank of Egypt (NBE) approved to offer credit facilities worth EGP 60 million to bail out three faltering road construction companies.

Sources said the bank is ready to finance serious customers in order to help in boosting production and improving Egypt’s economy.

NBE has launched an initiative to support the tourism sector through allocating EGP 200 million to hotels that need to resume their expansions.

NBE’s non-performing loan portfolio reached EGP 6.2 billion at the end of Q1 of the current fiscal year, down from EGP 8 billion at the end of Q4 of FY 2010/2011. NBE targets to reduce NPLs to reach EGP 5 billion by the end of FY 2012/2013.