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The law stipulates that the PBDAC converts into a public sector bank called the ABE.
PBDAC has more than 1210 branches and village banks all over Egypt as well as more than 4.4 million square metres of storing capacities; 2 million square metres of which are allocated for receiving wheat from the farmers.
Abdel Rahman Al Kafrawi, head of Islamic transactions at PBDAC, said, 'We are launching sharia-compliant retail banking this month with a portfolio of EGP50m and can raise that to EGP100m next June based on demand.'
With the creation in 1997 of the PBDAC, the industry has undertaken to improve cachaca's image as a truly Brazilian product, as well as provide producers with the necessary technical and commercial support to promote their success both nationally and internationally.
'We are launching Shari'ah-compliant retail banking this month with a portfolio of EGP 50 million ($7.5 million) and can raise that to EGP 100 million' next June based on demand, Abdel Rahman Al Kafrawi, head of Islamic transactions at PBDAC told Reuters.
Abul Hadeed said the PBDAC is ready to receive four tonnes this season nationwide in return for three tones last year.
Previously, there were the Development and Agricultural Credit Banks for Upper and for Lower Egypt, and the Principal Bank for Development and Agricultural Credit (PBDAC), which supervised the two banks from its headquarters in Cairo.
The Egyptian Company for Agricultural and Rural Development (ECARD), affiliated to the Principal Bank for Development and Agricultural credit (PBDAC), plans to revive the contractual agriculture project in cooperation with the Ministry of Agriculture and the Egyptian Poultry Producers Union, according to Sayed ElKosayer, the chairperson of PBDAC.
Donations can also be received through different channels such as Bank ATM's, PBDAC branches, the Egyptian post offices and the electronic wallets of the largest banks operating in Egypt, such as NBE phone cash -- Smart wallet of "CIB" -- Smart wallets' application of Banque Misr -- Orange Money -- and Ma7fazty from ALEXBANK.
Previously, there were three main branches: the Principal Bank for Development and Agricultural Credit (PBDAC) in Upper Egypt; PBDAC in Delta; and the Cairo headquarters, which supervises the two other banks.
Elsayed Elkosayer, the chairperson of the Principal Bank for Development and Agriculture Credit (PBDAC), and Nevine Al-Game'a, secretary general of the Social Fund for Development (SFD), signed on Wednesday a financing contract over EGP 100m to be obtained by PBDAC for the financing of agricultural and livestock projects and new small irrigation systems in all governorates.
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