Agricultural Credit Bank Grants Loan Defaulters Reprieve Till End-June

The Principal Bank for Development and Agricultural Credit has given loan defaulters a reprieve till the end of next June to repay their debts and the bank will exempt them from interest rate payment and will drop lawsuits against them, said Alaa Samaha, chairman of the bank.

This initiative applies to all defaulters in the last two years because of the economic turmoil which resulted from the political disturbances, he told Amwal Al Ghad. It will be the last initiative of the bank to start the new fiscal year with a more ambitious plan to serve farmers and improve their financial positions.

The Agricultural Credit Bank dropped EGP 107 million worth of debt of about 73,000 farmers who owe debts not more than EGP 10,000, pursuant to the decree of the Egyptian president Mohamed Morsi.

The Ministry of Finance repaid 50% of the total value of the debts and pays the remaining value regularly according to the timetable.