PBDAC Narrows Non-Performing Debts to EGP220mn

Principal Bank for Development and Agricultural Credit (PBDAC) Chairman Attia Salem asserted that the total value of non-performing debts reached around EGP4 billion for about 300.000 clients.

The new mechanism which has recently adopted by PBDAC succeeded in reducing the non-performing debt portfolio with around EGP220 million within two months, as many clients have settled their debts, in addition to transiting some of non-performer clients to performer clients.

The new mechanism is relaying on collecting the non-performing debts through cash payment besides exempting the client in default interest rates ranging between 50-80%.