The Sadat City Investors Association (SCIA) and the National Bank of Egypt (NBE) agreed last week on a plan to restructure bad debt owed by 40 indebted factories out of 200 indebted factories in the industrial area in Sadat City.
Dr. Sherif El-Gabaly, chairman of SCIA, said this was an initial agreement that came after intensified negotiations between the association and NBE’s chairman Tarek Amer. A final agreement is expected to be signed in the next few days in the presence of the owners of these factories and the bank’s representatives, El-Gabaly added.
Most of these banks go under SMEs’ category and are working in different sectors such as food, chemical, engineering and metallurgical industries. Each factory owes less than EGP 5 million to the bank which made the debt restructuring agreement negotiations went well, El-Gabaly concluded.
