PBDAC Offered EGP 11 Mln Micro-Finances By End Of June

The Principal Bank for Development and Agricultural Credit (PBDAC) plans to expand in offering micro-finances for more  governorates so as to meet the needs of young farmers.

The bank targets to offer micro-finances in Assuit in the upcoming period through financing micro agricultural projects, said Mohsen El-Batran, chairman of the bank, adding that he will visit Assuit by the end of this week in order to know more about the governorate and the financial requirements of farmers there.

The bank has recently offered micro-finances to farmers in Minya, Beni Suef, Fayoum, Behira, Qalyoubia and Sharkia. The total value of micro-finances offered by the bank to agricultural projects registered EGP 11 million at the end of June.

The bank opened five Islamic branches in Behira, Qalyoubia, Beni Suef, Fayoum and Dokki in the last two weeks, while it has received licenses to open 14 Islamic branches.

The bank targets to restructure its 11 Islamic branches in the upcoming period, along with offering in-kind loans such as fertilizers and pesticides to farmers so as to reduce the delinquency rate, El-Batran added. The estimated budget of the bank is destined to be approved in August, he said.