By: Islam Fadl

Cairo – Mubasher: Defaulting factories in Egypt have reached a total of 1,900, the National Bank of Egypt’s (NBE) deputy chairman Yehia Aboul Fotouh said.

Total overdue debts owed by those factories have stood at EGP 3.5 billion, Aboul Fotouh told Mubasher.

The NBE’s recently announced initiative for non-performing debt, will cover those factories.

The Egyptian lender is due to roll out a funding of EGP 100 billion next week, in the framework of its initiative to support the industrial sector and enhance domestic-made products.

The NBE will extend low-interest loans for defaulting factories, Aboul Fotouh said.