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Suez Canal Bank has allocated EGP 500 million (US$ 83 million) to disburse as syndicated loans to finance infrastructure and petrochemical projects until the end of 2012, a senior executive said.
The bank’s portfolio of syndicated loans last year amounted to EGP 1 billion.
Non-performing loans make up 53% of Suez Canal Bank’s loans portfolio, down from 56% in 2011. The bank has made provisions for 98% of these bad loans and will cover the rest this year. The total volume of bad loans is now EGP 2.8 billion, the executive told Zawya.
