NBE Postpones Repayment Of EGP 400 Mln Bad Debt Until Early 2014

The National Bank of Egypt (NBE) delayed repayment of EGP 400 million worth of debts owed by customers in the tourism sector to the beginning of 2014, Yehia Abul Fotouh, head of the debt recovery and restructuring sector at NBE, said.

Delaying the debt repayment is part of an initiative launched by the Governor of the Central Bank of Egypt Hisham Ramez to support tourism amid the negative repercussions of the turmoil that followed 2011’s revolution on tourism income, he added.

Customers who own tourism projects which are established for sale purposes will not be subject to the debt repayment delay plan, he elaborated.

The bank plans to reduce its non-performing loans to EGP 5.5 billion by the end of next June, down from EGP 6.4 billion as of the end of last March.