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Abd El Megied Mohiey – Vice President of Egyptian Arab Land Bank- stated that the volume of loans and facilities available for real estate and tourism development companies; has decreased by 70%, as banks can’t find any serious projects to be financed.
Mohiey added that banks will not endure to risk with customers’ deposits, as they fear of legal liability.
He also confirmed that the bank witnesses currently a rapid execution of procedures, which are required for issuing an investment fund within 2 months, after acquiring permissions from the Central Bank and Financial Supervisory Authority.
