By: Islam Fadl

Cairo – Mubasher: The Agricultural Bank of Egypt (ABE) is currently considering three offers submitted by international companies to develop its infrastructure, the bank’s vice chairman Tamer Gomaa told Mubasher.

Three foreign companies from India, Pakistan, and France have submitted offers to develop the bank’s infrastructure which would cost more than EGP 3 billion, he added.

During fiscal year 2018/2019, the bank settled EGP 2 billion worth of debt and its non-performing loan portfolio reached EGP 3.5 billion, he revealed.

The bank is collaborating with the Egyptian Ministry of Agriculture and e-finance in issuing the farmer’s smart card, he added, noting that a total of 2.5 million cards were issued, with plans to issue 6 million cards in the coming period at a total cost of EGP 100 million.