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The Egyptian Arab Land Bank (EALB) has settled bad debts worth EGP 800 million in FY 2011/2012.
The bank settled EGP 125 million worth of bad debts owed by the businessman Magdi Yacoub in return for real estate assets, in addition to settling other debts owed by customers working in real estate and tourism sectors, Abdel Megid Mohy El-Din told Amwal Al Ghad.
He added that the bank targets settling about EGP one billion bad debts in FY 2012/2013, as part of the bank’s strategy to dispose of its non-performing loans that impede the bank’s development.
