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Loan defaulters in industrial sector owe Banque Misr EGP 1.58bn

Loan defaulters in industrial sector owe Banque Misr EGP 1.58bn
The Egyptian government unveiled an EGP 100 billion initiative to fund businesses

By: Islam Fadl

Cairo – Mubasher: Banque Misr has 102 loan defaulters in the industrial sector that are eligible for the Central Bank of Egypt’s (CBE) initiative, the bank's vice chairman Akef El-Maghraby told Mubasher.

The total value of defaulted loans owed by factory owners reached EGP 1.586 billion, including principal debt of EGP 156 million and interest on debt of EGP 1.43 billion, El-Maghraby added on Monday.

Previously, the Egyptian government unveiled an EGP 100 billion initiative to fund businesses in the industrial sector with loans at a declining rate of 10%.