NBE pumps $191mn-credit Facilities into Tourism, Industry and Contracting Sectors

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The National Bank of Egypt (NBE) has pumped credit facilities worth 1.5 billion Egyptian pounds (US$ 191.5 million) into three companies, executive board member Yehia Abu El Fotouh said Sunday.

The three firms are working in tourism, industry and contracting sectors, the official stated.

The credit facilities are divided into; a bunch of 375 million Egyptian pounds for launching two new hotels in Sharm El Sheikh, a bunch of 225 million Egyptian pounds for steel company to launch second production line, and other worth 900 million Egyptian pounds for contracting sector.

Moreover, Abu El Fotouh stated that NBE’s loans portfolio has reached EGP 134.2 billion in December 2014 opposed to EGP 124.6 billion in June 2014, marking 8% growth rate within the first half of fiscal year 2014-15 versus 7% growth rate in banking market.