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Monday, 15 August 2016

PBDAC negotiates EGP 100 mn loan from Saudi Fund for Development

The Principal Bank for Development and Agricultural Credit (PBDAC) is negotiating with the Saudi Fund for Development for an EGP 100 mn loan at low interest to finance agricultural industrialization projects, Chairman ElSayed El Kosayer told Daily News Egypt. The CBE had agreed to exempt PBDAC from the reserve requirements on deposits of up to 10%, freeing up around EGP 360 mn annually in liquidity, he added.

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