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Minister of Housing, Mohamed Fathy El Baradei has signed debt settlement agreements with Export Development Bank of Egypt and United Bank on behalf of his brother, sources told Amwal Al Ghad.
El Baradei granted the banks villas and lands in Fayoum in return for settling his brother’s EGP 7 million due to EDBE and 3 million loans due to United Bankk of Egypt, sources added.
Banks could not receive the value of their dues because of the bad locations of these lands overlooking Qaroun Lake after those units has been offered them for sale but offer prices were not adequate.
