Chairperson of the Agricultural Bank of Egypt (ABE), El Sayed Elkosayer, said that his bank allocates about 30% of its total loan portfolio towards farmers and crop production, as well as agricultural development projects. Elkosayer explained that the bank’s loan portfolio increased from EGP 22bn in March 2016 when he took office, to about a current EGP 26.6bn. About 25% of the loan portfolio is directed to animal production projects, 20% to agricultural mechanisation projects, and 25% to individual, consumption, and workers’ loans, added the ABE’s chairperson. “The volume of the non-performing loans in the bank declined from 20% of the total loans portfolio in March 2016 to 13% currently. All of the bank’s branches are expected to include ATMs.

Source: Daily News Egypt December 09, 2018 09:00 UTC