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The National Bank of Egypt (NBE) approved to offer credit facilities worth EGP 120 million for a tourism company to finance its expansions in Sharm El-Sheikh and Hurghada.
Sources said the company has many projects under-construction in Sharm El-Sheikh and Hurghada because it was in need for more cash liquidity.
NBE targets to reduce non-performing loans from EGP 6.2 billion to EGP 5 billion by the end of FY 2012/2013.
NBE’s portfolio of non-performing loans declined by EGP 15 billion in three years as it fell from EGP 23 billion at the end of June 2008, to EGP 8 billion at the end of June 2011.
