Egyptian Principal Bank for Development and Agricultural Credit (PBDAC) has reached settlements with 112,000 default clients within the first quarter of fiscal year 2015-16. Attia Salem - chairman- stated that the settlements are estimated at 280 million Egyptian pounds (US$34.8 million). The total volume of irregular debts of PBDAC for around 300,000 default clients is estimated at 4 billion pounds. PBDAC bank has approved new mechanism to settle the debts of default clients which divide them into five categories; first category includes default clients whose debts are less than 10,000 pounds (170,000 clients), the second one encompasses default clients whose debts are ranging between 10,000-25,000 pounds ( 52,000 clients). Salem stated that the third category includes default clients whose debts are ranging between 25,000-50,000 pounds (18,300 clients) while the fourth category includes default clients whose debts are ranging between 50,000-100,000 pounds (9,500 clients). Salem further stated that the fifth category encompasses default clients whose debts are exceeding 100,000 pounds (17,600 clients). Moreover, Principal Bank for Development and Agricultural Credit targets achieving profits worth 200-250 million Egyptian pounds (US$31.1 million) for the first time during fiscal year 2015-16.
