Bank for Development & Agricultural Credit settles investors’ debts

Bank for Development & Agricultural Credit aims at restructuring the credit policies by settling and decreasing investors’ debts, so as to expand in granting loans to farmers.

Mohsen El-Batran, chairman of BDAC, said that the interest rate of farmers’ loans is 5%, less than the interest rate imposed on investors’ loans.

El-Baran told Amwal Al Ghad that the farmers’ credit loans portfolio will be increased in March to EGP 7.7 billion with the beginning of the summer season of which strategic crops are farmed such as cotton, rice, maize and sugar cane. Noteworthy that Bank for Development and Agricultural Credit targets the segment with 3-5 feddans. Loans will be raised by 90% in order to benefit the farmers and increase agricultural production, in a move to promote Egypt’s agricultural sector, El-Batran stated.