Agricultural Bank launches initiative to settle EGP 4bn debt

he Agricultural Bank of Egypt announced a new initiative to settle about EGP 4bn of debt in the bank, benefiting more than 45,000 customers.

This comes within the framework of the Central Bank of Egypt’s directives to mitigate the negative effects of the coronavirus pandemic on small customers and small and micro enterprises and to correct their conditions to enable them to deal again with the banking system, and return them to work and production.

Under this initiative, the entire debts of defaulting individuals from retail banking customers who have debts of up to EGP 100,000 in November 2021 will be canceled, with a total debts of about EGP 400m benefiting about 7,500 customers.

The bank’s previous initiative regarding the final cancellation of the entire indebtedness for defaulting customers whose debts amount to EGP 25,000 in November 2021 will be completed, and all accumulated returns after default will be dropped.