The Egyptian Arab Land Bank is seeking to dispose of in-kind assets acquired through reconciliation operations since 2005, the bank chairman told Zawya.
"The in-kind assets, which were acquired by the bank are primarily properties valued at EGP 2.4 billion. These comprise of villas, apartments, shops and other properties, which the bank seeks to liquidate; in light of the stabilization of the economic scene in Egypt," said Abdel Megid Mohieddin, chairman of the Arab Land Bank.
The sum of defaulted debts at the bank totals EGP 6 billion, and has been completely covered by virtue of a deposit made by the Egyptian Central Bank, valued at EGP 7 billion; with the exception of a loan from the World Bank worth approximately USD 400 million.
"The bank aims to increase loans by EGP 700 million this year; with the loans portfolio currently topping EGP 12.5 billion. Deposits total EGP 16 billion, and the bank is contributing an amount of EGP 1 billion in joint loans," added Mohieddin.
© Zawya 2013
