The Egyptian Agricultural Bank launched an initiative to settle the bad debts of hundreds of thousands of farmers and clients in the agricultural sector, with a total of 6.3 billion pounds, including 3.9 billion pounds as principal debt and 2.4 billion pounds in accumulated returns, and 328,000 customers benefit from them.
The initiative details include the following items:
1- A complete and final withdrawal of the debts of 307 thousand farmers whose original debt is 25 thousand pounds or less, with total debts of about 415 million pounds, and accumulated returns of about 226 million pounds
2- Dropping 50% of the debts of 21 thousand clients whose debts amount to more than 25 thousand pounds and up to 10 million pounds for individuals and companies, with total debts of about 3.5 billion pounds, and accumulated returns of about 2.2 billion pounds.
3- The initiative allows hundreds of thousands of faltering clients in the agricultural sector to deal again with the banking sector and bring them back into the productive and economic cycle.
This comes within the framework of supporting the agricultural sector in Egypt and hundreds of thousands of small farmers, and with the aim of enabling troubled clients in the sector to deal again with the banking sector, and return them to work and production in a way that contributes to providing greater opportunities for earning and creating job opportunities, the Egyptian Agricultural Bank announced an initiative to settle the debts of defaulting clients In the bank, it allows a complete settlement of the bank’s non-performing loan portfolio, which amounts to about 6.3 billion pounds, which includes a total principal debt of about 3.9 billion pounds and a total accumulated proceeds of about 2.4 billion pounds, due to about 328 thousand customers.
Under this initiative, the final execution of the entire debt for clients whose original debts are 25 thousand pounds or less is carried out, and all the accumulated returns after defaulting, in addition to deleting from the negative lists of the Central Bank and the Egyptian Company for Credit Inquiry I-Score, and the waiver of all cases between the bank. And the client or provisions (if any). The total beneficiaries included in this segment of clients are about 307 thousand clients, most of whom are small farmers, and the total principal debts that will be dropped from these clients are about 415 million pounds, in addition to the returns, which amount to about 226 million pounds. .
Under the initiative, 50% of the debts of defaulting clients will also be dropped, whose debts amount to more than 25 thousand pounds and up to 10 million pounds, both for individuals and companies, and that is provided that the customer pays 50% of the original debt, with dropping all returns, and waiving all cases. The total number of beneficiaries included in this segment of customers is about 21 thousand customers, with a total principal debt of about 3.5 billion pounds in addition to the returns that amount to about 2.2 billion fairy.
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