Principal Bank for Development and Agricultural Credit (PBDAC) will settle the debts of farmers in default in Sinai and New valley before the end of June, in accordance with the prime minister's instructions. Mohsen El Batran, chairman of PBDAC, said the Bank will reduce debts for 4,320 farmers and exempt them from interest payment which is about EGP 250 million; of which the Bank will incur EGP 190 million. 3,960 farmers in Sinai and 360 farmers in New valley will benefit from this debt settlement. El Batran noted that the debt reduction of Sinai farmers will cost EGP 180 million; of which the Bank will incur EGP 120 million and the government will incur EGP 60 million. El Batran and officials of PBDAC had earlier participated together with Sinai's Sheikhs in the prime minister's meeting and they also had visited New Valley to know the problems of farmers in default and discuss possible solutions that were afterwards approved by Kamal El Ganzouri, the prime minister, according to MENA. It is worth mentioning that 18 committees had visited 18 cities in Egypt in which they met farmers in default and discussed possible solutions for settling their debts that are about EGP 1.3 billion owed by 60,000 defaulters.
