Egypt’s state agriculture bank inks debt settlements with 5200 clients

Egypt’s main agricultural lender PBDAC has signed debt settlement agreements swith 5200 clients during the first four months of the current financial year, chairman El-Sayed El-Kosayer announced Saturday.

The agreements were worth around 300 million Egyptian pounds (around $18.6 million), El-Kosayer told Amwal Al Ghad.

He further said that the Principal Bank for Development and Agricultural Credit’s (PBDAC) non-performing loans (NPLs) are ranging between 3.5 billion and 4 billion Egyptian pounds ($215.3 million and $246.1 million).

“Our bank is keen to provide its full support for any defaulted clients who face difficulties in paying debts in time due to economic circumstances.” El-Kosayer said.

The PBDAC is targeting a 15-20% growth in its all banking activities within the coming financial year, the banking official concluded.