Investors Settle LE 66 m Debts with NBE

General Union of Investors Associations set an agreement with Tarek Amer, president of National Bank of Egypt, to settle the debts of an insolvent factory, working in filling gas pipes, in value to EGP 66 million, in a their meeting on last Monday in the presence Farouk El-Okdah, the governor of Central Bank of Egypt.

Dr. Muharram Helal, CEO of General Union of Investors Associations, told Amwal Al Ghad that the meeting discussed the joint initiative of Union of Investors, Federation of Egyptian Banks and Egyptian government to help insolvent factories of which they can help 1800 factories, according to the latest information announced by the Union.

Helal added that it is agreed to solve the insolvent problem instantly on condition that their debts with banks do not exceed EGP 5 million and in case that the debt exceeds, there will be a special study for it. Helal called on all factories that are not in the list of the insolvent factories issued by the Union to go to the Ministry of Industry and Trade so as to be included in the plan of helping insolvent factories.