Egypt Farm Bank Says SFD’s Total Finances Hit EGP2 billion

Egypt’s main agricultural bank PBDAC registered total finances granted by Social Fund for Development (SFD),  worth EGP 2 billion, Amwal Al Ghad’s Arabic website quoted the bank’s deputy head as saying on Wednesday.

Emad Abd El-Aziz Salem, Vice Chairman of the Board and Director at the Principal Bank for Development and Agriculture Credit (PBDAC), revealed that his bank has recently signed funding contracts worth EGP 150 million with SFD, designated for the SMEs.

“PBDAC is targeting total microenterprises’ finances of EGP one billion by the end of the current fiscal year, against former finances reached EGP 500 million.” He noted

Furthermore, Salem stated that PBDAC’s total assets hit nearly EGP 38 billion by 2013-end, including EGP 18 billion as fixed assets.