Bank for Agricultural Credit Allocates EGP 1.140 Bln To Buy Wheat Crops

Branches of Bank for Development and Agricultural Credit started on Sunday morning receiving wheat crops from farmers with prices ranging from EGP 375 to EGP 385 per ardeb (150 kilograms) depending on its quality, which is 40% more than international prices (EGP 261 per ardeb), Mohsen El-Batran, chairman of Principal Bank for Development and Agricultural Credit (PBDAC), said.

PBDAC allocated EGP 1.140 billion to buy 3 million tons of wheat this year.

As part of PBDAC’s efforts in facilitating the process of receiving wheat crops, the Bank developed five barns in Minya, Sharkia and Fayoum.  PBDAC also targets developing 18 barns across Egypt to accommodate more quantities of the harvest, El-Batran added.