By: Islam Fadl
Cairo – Mubasher: Egyptian Arab Land Bank (EALB) is in talks with a group of investors to sell EGP 1.2 billion of its assets, deputy chairman Amr Gadallah told Mubasher.
Negotiations will end in 2020, Gadallah added, noting that the bank reduced its asset portfolio to EGP 2.5 billion from EGP 3.5 billion after selling EGP 1 billion assets.
The top official unveiled plans in September for the development of EALB’s infrastructure.
In July, Gadallah stated that the bank was planning to offer EGP 500 million credit facilities to developers.
Translated by: Muhammad Abdul-Wakeel
