By: Islam Fadl & Abdullah Bedeir
Cairo – Mubasher: The National Bank of Egypt has a total of 4,500 customers in default in the industrial sector, falling under the Central Bank of Egypt’s (CBE) funding initiative, the NBE’s deputy chairman Yehia Aboul Fotouh said.
Total debt owed by the factories amounted to EGP 16 billion, Aboul Fotouh added on the sidelines of Ahram Economic Conference on Sunday.
The CBE launched an initiative to support factories with debts worth less than EGP 10 million.
In addition, total debt in the tourism sector stood at EGP 16 billion, of which EGP 6 billion are defaulted loans, Aboul Fotouh revealed.
On a side note, the CBE has raised the debt payments-to-monthly income ratio to 50% from 35% for personal and auto loans, he noted.
