The Egyptian Real Estate Group said it inked an agreement with Egyptian Arab Land Bank (EAL Bank) to settle disputed debts of more than EGP 250 million, through the repayment of EGP 92.2 million in ten annual installments carrying zero interest.

The bank received the first installment of EGP 9.2 million.

The company’s financial statements for the fiscal year that ended on December 31, 2013 showed EGP 7.225 million net profit, compared with EGP 6.009 million in 2012.