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Egypt’s biggest state bank, National Bank of Egypt has pumped 500 million Egyptian pounds (around US$64 million) in finances into the country’s tourism sector during July this year.
The finances were designated for the launch of three new hotels in Sharm El-Sheikh.
According to NBE executive board member Yehia Aboul Fotouh, the bank has reached debt settlement agreement worth 250 million pounds with an insolvent client working in the tourism sector.
NBE’s tourism sector portfolio stands at 9 billion pounds, including 5 billion pounds in form of performing loans and 4 billion pounds as nonperforming loans, the banking official added.
