By: Islam Fadl

Cairo - Mubasher: The chairman of the Principal Bank for Development and Agriculture Credit (PBDAC) said that the bank has renewed negotiations with the World Bank (WB) to obtain a loan of $500 million after reconciliation.

El-Sayed El-Kosayer said on Wednesday on the sidelines of signing an agreement with the Social Fund for Development (SFD) that the World Bank had previously rejected lending the bank a loan as it is a firm that follows the government and not the Central Bank of Egypt (CBE).

The bank serves 40% of clients in Egypt, with the value of total deposits reaching EGP 41 million, while loans amounted to EGP 21 billion, of which nonperforming loans represent 18%.