Egypt’s state agricultural lender names new chairman

Egypt’s main agricultural lender, Principal Bank for Development and Agricultural Credit (PBDAC) appointed El-Sayed El-Kosayer as chairman late Sunday, the Cabinet’s spokesperson Osama Abdel-Aziz told Amwal Al Ghad.

This decree was taken after PBDAC employees had organised Sunday morning a protest before the Egyptian Cabinet’s building calling for the departure of former chairman Attia Salem.

El-Kosayer has served as the chairman of Industrial Development and Workers Bank of Egypt (IDWBE).

The decree will be published in the Official Gazette on 23 March, Abdel-Aziz added.

Earlier in February, Egyptian central bank governor Tarek Amer said PBDAC would be restructured and brought back under the supervision of the Central Bank.

The PBDAC is currently under the jurisdiction of the ministry of agriculture and not the central bank,

“The President and the Prime Minister…and the Minister of Agriculture have agreed for the agricultural bank to return under the umbrella and the supervision of the Central Bank,” said Amer.