08 July 2012
Cairo-based Suez Canal Bank has allocated EGP 500 million (USD 83 million) to disburse as syndicated loans to finance infrastructure and petrochemical projects until the end of 2012, a senior executive told Zawya.
The banks portfolio of syndicated loans last year amounted to EGP 1 billion, the person said on condition of anonymity.
Non-performing loans make up 53% of Suez Canal Banks loans portfolio, down from 56% in 2011. The bank has made provisions for 98% of these bad loans and will cover the rest this year, the executive said. The total volume of bad loans is now EGP 2.8 billion.
Zawya 2012
