The National Bank of Egypt’s (NBE) board of directors approved to delay the loan repayment installments of debt, amounting to EGP 60 million, owed by South Sinai’s investors to the end of this year. NBE has taken such decision in order to help the tourism sector flourish after facing deep recession in the last period, sources said.
NBE’s portfolio of non-performing loans stood at EGP 6.2 billion at the end of last September. The tourism sector owes NBE with more than EGP 2.6 billion.
The bank injected EGP 300 million of credit facilities to the tourism sector as it provided a 440-room Hotel in Hurghada with EGP 180 million to establish 560 rooms and EGP 120 million to a tourism company to finance its expansions in Sharm El-Sheikh and Hurghada.
