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Egypt’s NBE says tourism, industrial sectors account for 75% of NPLs

: Thursday, May 29 - 2014 @ 02:12

The National Bank of Egypt (NBE) has said its total non-performing loans amount to EGP6bn, Daily News Egypt has reported. The tourism and industrial sectors represent 75% of the total debt, while other sectors, led by transportation and oil, account for the remaining 25%, said NBE’s head of the Non-Performing Loans Division, Yehya Abou El-Fotouh. He said the tourism sector accounts for 40% of the total debt against 35% for industrials. “We have provided loans for hotels in operation ranging between EGP3-5m in order to meet the burden of paying wages and suppliers’ dues.”

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Thursday, May 29- 2014 @ 2:12 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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