By: Eslam Fadl
Cairo - Mubasher: The Agricultural Bank of Egypt (ABE) has dedicated finances of EGP 500 million for the veal project.
The head of the SMEs department, Hussien Abdulbaset told Mubasher on Tuesday that his bank has pumped EGP 430 million last year for 3,000 clients as part of the Central Bank of Egypt’s (CBE) initiative for fattening veal.
The CBE approved a new EGP 3.5 billion deposit for the ABE, which the bank expects to obtain the deposit before the end of September, sources told Mubasher in August.
The bank will use the deposit in restructuring and capital improvement, as part of an ongoing reform process, they added.
The agricultural bank previously received an EGP 6.5 billion deposit, divided on to two tranches. The first was in February 2017 and worth EGP 2.5 billion, while the second was EGP 4.5 billion last November.
The CBE has exempted the ABE from paying loan interest for 10 years.
