Agricultural Bank settles default loans of EGP330mln as part of CBE initiative

Egypt’s main agricultural lender, the Egyptian Agricultural Bank has settled agreements with 4,500 defaulters with total debts of 330 million Egyptian pounds.

This came as part of Central Bank of Egypt (CBE) to settle debts of the defaulters, Elsayed Elkosayer, its chairperson.

He added that the percentage of default loans in bank represents 13 percent the whole loans portfolio compared to 20 percent a year earlier.

The Central Bank of Egypt (CBE) launched an initiative in June 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.

Moreover, the bank has recorded a financial position of 59.4 billion pounds by the end of June 2018.