The National Bank of Egypt (NBE) and an undisclosed gas company reached a $32m debt settlement agreement, Amwal Al Ghad reports. Bank Executive Board Member, Yehia Aboul Fotouh told the paper that the company would pay 10% of its debt up front and the remaining sum over the next eight years.
The National Bank of Egypt’s standalone portfolio has declined to EGP5b at the beginning of 2016, as opposed to EGP6b in 2015, Fotouh noted. The bank aims to further reduce its standalone debt portfolio to EGP4.5b by the end of the 2015-2016 fiscal year. Daily News Egypt also reports that NBE is seeking to expand personal loans at its retail locations to EGP50b by the end of 2017.