CBE to restructure state agricultural lender

Egypt’s Principal Bank for Development and Agricultural Credit (PBDAC) will be brought back under the supervision of the Central Bank, the governor said on Sunday.

The PBDAC, which is currently under the jurisdiction of the ministry of agriculture and not the CBE, will be restructured, Tarek Amer said in a televised interview.

“The President and the Prime Minister…and the Minister of Agriculture have agreed for the agricultural bank to return under the umbrella and the supervision of the Central Bank,” said Amer.

Earlier on Sunday, a number of PBDAC employees gathered at its headquarters to demand the sacking of the bank’s chairman and for it to be fully managed by the CBE, Egyptian news website Akhbar El-Youm reported.

The bank is owed EGP 4 billion by a quarter of a million farmers, PBDAC chairman Attia Salem told state news agency MENA last November.

Source: Ahram Online