NBE To Offer EGP 70 Mln Credit Facilities

National bank of Egypt (NBE) studies offering credit facilities of EGP 60 million to a faltering customer working in tourism and EGP 10 million to another working in construction sector to support working capital,  Yehia Aboul Fettouh, head of non-performing loans department, told Amwal Al Ghad.

NBE settled EGP 600 million bad debts in the period from July 2011 till March 2012, reducing them to EGP 7.4 billion at the end of last March, down from EGP 8 billion at the end of June 2011, Aboul Fettouh said, adding that the bank targets reducing the amount to EGP 7 billion by the end of the current fiscal year.

Aboul Fettouh noted that NBE rescheduled debts for many customers and granted them more credit facilities, such as giving EGP 10 million to a customer working in medical Industries whose debt reached EGP 60 million. NBE also approved Amr Al Nasharty’s settlement proposal whose debts reached EGP 310 million after agreeing to acquire some of his assets including a store of Sainsbury’s Group in Zamalek.