Cairo: 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.

CBE approved last month a new deposit of EGP 3.5 billion at the Agricultural Bank of Egypt (ABE).

ABE expects to obtain the deposit before the end of September, sources told Mubasher.

The bank will use the deposit in restructuring and capital improvement, as part of an ongoing reform process.

The Agricultural Bank previously received EGP 6.5 billion deposit, divided into two tranches. The first was in February 2017 at EGP 2.5 billion, and the second was EGP 4.5 billion last November.

CBE has exempted from paying loan interest for ten years.

Source: Mubasher Exclusive

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