BDAC negotiates with MOF over EGP 2.2 bn dues

Mohsen El-Batran, chairman of Bank for Development and Agricultural Credit, said that there are currently negotiations with Ministry of Finance to receive its deterred dues in value to EGP 2.2 billion, especially after BDAC’s losses rose to EGP 600 million by the end of the last fiscal year.

El-Batran said that BDAC’s strategy this year is based upon two main bases: the first is expanding in financing SMEs especially livestock projects and the second is offering banking and financing services for famers, noting that the Bank launched “Ashanek ya Balady” initiative, by which EGP 440 million loans’ interest were written-down for 62 thousand customers whose debt is about EGP 1.847 billion.

BDAC intends increasing branches that offer Islamic banking services from 11 to 25 across Egypt.