Egypt’s Agricultural Credit Bank eyes $31mn profits in FY 2015-16

Egypt’s Principal Bank for Development and Agricultural Credit (PBDAC) targets achieving profits worth 200-250 million Egyptian pounds (US$31.1 million) for the first time during fiscal year 2015-16.

Attia Salem – chairman- said Wednesday that PBDAC- Egypt’s main agricultural bank- has succeeded to shrink losses volume in fiscal year 2013-14 to record 397 million pounds.

Previously, Salem told Amwal Al Ghad that the bank has urged Prime Minister Sherif Ismail to solve the problem of bank’s duties to finance ministry which are estimated at 3.2 billion pounds. BDAC has not reached any settlement with the ministry.