Agricultural Bank settles default loans of EGP1bln as part of CBE initiative

Egypt’s main agricultural lender, the Egyptian Agricultural Bank has settled loans with 13.6 thousands  defaulters with total debts of 1.1 billion Egyptian pounds.

This came as part of Central Bank of Egypt (CBE) to settle debts of the defaulters, according to sources

The Central Bank of Egypt (CBE) launched an initiative in June 2017 to settle debts of the defaulters, less than 10 billion pounds.

The initiative also includes the debts of retail customers, but excludes credit card balances.

The initiative’s beneficiaries include 3500 companies and 337,000 retail customers in the National Bank of Egypt, Banque Misr, Banque du Caire, the Export Development Bank of Egypt, the Egyptian Arab Land Bank, the Agricultural Bank of Egypt, the United Bank of Egypt, and the Industrial Development & Workers Bank of Egypt.

He added that the bank’s loans portfolio has exceeded 30 billion pounds while its loans portfolio registered 58 billion pounds by the end of September 2019.