NBE Says White Taxi Project’s Debts Fell to EGP81mn in Sept.

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Debts clients of National Bank of Egypt (NBE)’s White Taxi Project fell to EGP81 million at the end of September 2014 in compared to EGP130 million at last June.

Head of Retail Credit Risk Sector at NBE Karim Sous said the bank did not receive any requests regarding the finance of the third phase of White Taxi Project in the light of the lack of a guarantee to the Ministry of Finance.

Four other banks will finance the project along with NBE, Banque Misr, Alex Bank Intesa Sanpaolo and Nasser Social Bank.

Sous revealed that 1000 defaulter clients’ debts were timetabled by NBE within White Taxi initiative in which the banks delayed the installments 3 times since January25 uprising.