NBE Injects EGP800 mln for Construction Firms in Egypt

The National Bank of Egypt (NBE) approved to pump EGP800 million credit facilities for more than 7 firms operating in construction sector through the bank’s initiative to support the firms in order to continue their works despite the crisis which Egypt is currently passing.

Mr. Ayman Yassin, Corporate General Manager-NBE Director Corporate Banking said the bank has launched initiative one year ago so as to support the construction sector to complete their works through paying debts after the guarantee of the Ministry of Finance, but the hard political situation delayed launching the initiative to become in the current year.

Yassin has informed Amwal Al Ghad in an exclusive that NBE approved on EGP200 million for construction firms but it does not use the credit until now, noting that the total funding which the board of directors of the bank approved are about EGP1 billion during the last period.

Yassin has further asserted that the initiative comes in the framework of NBE’s keenness on the economy stimulus.

It is worth mentioning that NBE launched initiative to pay debts of construction firms and to discuss the situation with the Ministry of Housing after 25 January uprising.