By: Eslam Fadl
Cairo – Mubasher: The Industrial Development Bank of Egypt (IDB) has collected EGP 150 million from defaulters since the start of the year until mid-December, a top official has said.
Speaking to Mubasher in a phone interview, IDB chairman Hamdy Azzam revealed that the Central Bank of Egypt’s (CBE) initiative to assist defaulters has made up 50% of IDB’s collections.
IDB’s portfolio of defaulting clients amounts to around EGP 1 billion, Azzab went on, indicating that the portfolio comprises around 250 clients and is 100% covered.
At the end of June, the CBE decided to exempt defaulters from all accumulated and unpaid interest, which totalled EGP 16.8 billion. The CBE would exempt these defaulters if they sign a commitment to repay 100% of the debt, taken on at 31 December 2017, by 31 December 2018.
