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Egypt's parliament renames state agricultural bank, putting it under CBE

Ahram Online , Tuesday 1 Nov 2016
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Views: 1947

Egypt's parliament approved on Tuesday a presidential decree to rename the Principal Bank for Development and Agricultural Credit (PBDAC) to the Egyptian Agricultural Bank and to put it under the supervision of the Central Bank of Egypt (CBE), state news agency MENA reported.

The CBE governor Tarek Amer said in a televised interview in February that the PBDAC, which is currently under the jurisdiction of the agriculture ministry, would be brought back under the bank’s surveillance and to be restructured in an attempt to improve the financial services that the state lender gives to farmers.

There are currently 7941 farmers struggling to pay their instalments, owing the Cairo-based bank around EGP 365 million in debt, according to a MENA report citing the bank’s chairman.

 

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