NBE raises credit facilities for tourism sector to EGP 150 m

National bank of Egypt (NBE) said that its credit facilities supporting tourism capital will be increased to EGP 150 million by the end of this February, compared with EGP 75 million in the former month, which is offered to 19 touristic hotels.

Yehia Aboul Fottouh, director of irregular debts sector, said that NBE offered these facilities to 30 touristic hotels across Egypt.

Loan and credit facilities portfolio of the tourism sector is of EGP 11 billion, while the irregular loans portfolio of the sector is of EGP 6 billion, Aboul Fottouh affirmed.

NBE received recently applications for rolling over loans installments of EGP 2 billion.

NBE’s default loan portfolio is of EGP 8 billion, while the total settlements of the first half of the current fiscal year are EGP 180 million.

Ahmed Ali