NBE to direct EGP45bn of loan portfolio into industrial sector

National Bank of Egypt (NBE), the country’s largest state bank, seeks to direct 45 billion Egyptian pounds ($2.7 billion) of the total loans portfolio to the industrial sector, the deputy manager of the business development department, Khaled Hosny said.

He further noted that the bank would divert its attention to the productive and industrial sectors with an aim to inject 100 billion pounds into small and medium enterprises 45 percent to the industrial projects.

The bank plans are in line with the governments  Local Industry Development Strategy aimed to raise industrial growth to 10 per cent annually by 2030 and to increase the local components used in production.