Egyptian Arab Land Bank (EALB) said it has injected about EGP one billion in its corporate loans and credit facilities portfolio for the fiscal year 2012/2013.
Corporate loans and credit facilities offered by EALB registered EGP 500 million for the period from the beginning of the FY 2011/2012 to the end of last April, said Abdel Meguid Mohy EL-Din, deputy chairman of EALB, noting that the loans portfolio registered EGP 15.3 billion.
Mohy EL-Din added that the deteriorating situation witnessed by real estate and tourism sectors affected the Bank’s credit facilities granted for both sectors.
EALB plans to diversify its portfolio, by not only focusing on real estate and tourism sectors that represented 80% of the Bank’s finances till now, as a step to lessen the volume of risks.
Therefore, the Bank will finance commerce, electricity, pharmaceuticals, steel and cement sectors, Mohy El-Din added.
Mohy El-Din expected real estate market to improve after the presidential elections, noting that middle-class real estate market did not witness a recession in the last period.
