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.
