Egypt’s agricultural bank rules out dropping farmers’ debts

March 16, 2014 12:19 am

Egypt’s Public Bank for Development and Agricultural Credit (PBDAC) has said it plans to restructure debts for insolvent farmers, but will not drop them, Ahram has reported. “Dropping farmers’ debts would mean the collapse of the bank and we plan to achieve profitability,” said the bank’s chairman Atia Salem. The restructuring might involve dropping administrative expenses and interest but not the principle of the debt, Salem added.