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Wednesday, 2 November 2016

Principal Bank of Development and Agricultural Credit is now the Egyptian Agricultural Bank; seeks USD 700 mn in fresh financing

PBDAC rebrands, seeks USD 700 mn loan from World Bank and Saudi Fund. The Principal Bank for Development and Agricultural Credit (PBDAC) is now called the Egyptian Agricultural Bank and will now fall under the supervision of the Central Bank of Egypt. The news comes as the Egyptian Agricultural Bank is reportedly in talks for a USD 700 mn loan from the World Bank and the Saudi Fund for Development. The bank also plans to raise its capital to EGP 5 bn from EGP 1.5 bn, said the bank’s head El Sayed Qusair. The House approved the rebranding and new line of reporting yesterday; the bank had previously fallen under the embattled Agriculture Ministry.

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