Export Development Bank to increase facilitated loans

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The Egyptian Export Development Bank is mulling over a proposal to increase its facilitated credit to exporters and to cut interest rates in order to encourage export-oriented industries, said the Bank chairman Hisham Hassan.

He said that the bank has developed a plan to increase credit facilities for labor intensive industries that are mainly directed to international markets.

He added that the Export Development Bank focuses on financing exports of textiles and food industries as well as exports of farm products.

The bank expected 25 percent growth in its new budget for fiscal year 2006-2007. Hassan said the bank has allocated a large chunk of its funds to finance exporters in the textiles industry, including projects qualified under the QIZ agreement.

For non-performing loans, Hassan said the bank would investigate all cases of loan defaulters to develop a strategy for cleaning up the bank s loan portfolio and to pump more investments in successful projects.

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