PBDAC Aims to Boost Financing of Micro Projects to EGP1 bln FY13/14-End

Emad Abd El-Aziz Salem, Vice Chairman of the Board and Director at Principal Bank for Development and Agriculture Credit (PBDAC), asserted that his bank is aiming to achieve EGP1 billion financing for micro projects by the end of the current fiscal year, against EGP500 million financing.

Salem has informed Amwal Al Ghad that the micro projects are at the top of the bank’s strategy, PBDAC has recently changed the style of grants and credit facilities so as to be in a form of fertilizes and feeds and not in the form of funds.

Salem explained that the bank has made model villages system including Toshka project that the bank aims to help the farmer to invest in his area along with obtaining part of the project’s profits.

He added that his bank is targeting the launch of 7 new silos in cooperation of the Egyptian ministries of agriculture, supply and defense.

With a UAE financial assistance worth EGP 1.5 billion, the three Egyptian ministries are planning to launch 30 silos in which the capacity of each silo is set to reach 31.000 tons, Amwal Al Ghad has quoted the Egyptian top official as saying previously.

He further elaborated that the bank will use new policy for dealing with the defaulters through forming a team which includes 6K employees operating in the collection and to hold meetings with the farmers in order to know the reason of default and to schedule the debts, pointing out that the success of team work is in raising the value of the benefits obtained from EGP685 million to EGP1.132 billion within 4 months.