Newcastle's Almiron to miss rest of season with hamstring injury    Sri Lankan president asks police chief, defence minister to quit following attacks    Algeria's billionaire Kouninef brothers placed in temporary custody: Ennahar TV    Eriksen's Spurs future a 'special situation': Pochettino    Liverpool to play July friendlies at Fenway Park and Yankee Stadium    North Korea's Kim arrives for summit with Russia's Putin    Sisi thanks Egyptians for their 'dazzling' participation in constitutional referendum    Moroccan oven roasted chicken    'Egypt fully supports right of Sudanese people to determine their future,' Sisi tells gathering under AU umbrella    Egypt hosts 10th annual conference of Arab Federation of Exchanges    Elders, campaigners dominate scene in Kerdasa polling stations    What do experts think about celebrations in front of polling stations?    Egyptians cast votes on last day in referendum    250 archaeological missions from 25 countries work in Egypt: Minister    CIB-Egypt establishes representative office in Ethiopia    ACUD, Petroleum Ministry ink deal to provide government district with natural gas    Bundesliga: Bayern Munich turn the screw in a reminder of champions past    Egypt, Somalia seek bilateral cooperation    The main differences between Catholics and Protestants    Spring Affair Returns for Second Season of Shopping, Charity    Tod's bring back Alber Elbaz to Fashion Scene    President instructs enhancement of MSMEDA activities    Karlovy Vary to honour cinematographer Vladmir Smutny    Youssef Chahine remembered at Karlovy Vary    Cannes festival reveals short film collection    Voting in 3rd day of referendum on constitutional amendments going on normally, says NEA    Volume of trade exchange between Egypt, China jumped to USD 13.8 bn in 2018    Iraq says any action to raise oil output won't be unilateral: Ministry spokesman    Trade exchange between Egypt, Tunisia to increase to $500m    Airstrikes hit Tripoli, Mitiga airport reopened    Al-Sisi receives Abbas, voices support for Palestinian legitimate rights    Cairo Copts celebrate Palm Sunday    Chess world champion Magnus Carlsen wants to keep winning streak going    New attack on Ebola center in Congo; 1 militia member killed    Sleep myths may hinder good sleep and health    Towards the referendum    Sudanese demand ‘legitimate change'    Caught in the middle?    Expected exit    Escaping expenses    Spectacular scene, favourable draw    Flight prices go sky high    Reining in inflation    The final draft    Bundeli Kala Parishad troupe's Indian folk dance show at Al-Gumhouriya Theatre is a must go    Paris' Notre Dame    Screen blues    Vatican willing to offer technical know-how to help restore Notre-Dame    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





ABE general assembly adopts bank's articles of association
Assembly decision last measure to complete implementation of Law 84 for merger of Upper, Lower Egypt banks into main bank: Elkosayer
Published in Daily News Egypt on 22 - 01 - 2019

The general assembly of the Agricultural Bank of Egypt (ABE), headed by Governor of the Central Bank of Egypt (CBE), Tarek Amer, approved, the articles of association on Sunday.
This is done in order to activate the first article of Law No 84 for 2016 related to the bank, and also in accordance with the law of the CBE and the banking system No 88 for 2003.
According to chairperson of the ABE, El Sayed Elkosayer, the adoption of the basic system of the bank by the general assembly is the last procedure to complete the application of the Law 84 and complete the merger procedures between the banks Upper and Lower Egypt into the main bank under the ABE.
For its part, the general assembly commended the efforts undertaken in the restructuring and development of the ABE. At the same time, it called for exerting more efforts to complete all the steps of the development and structure to make ABE the agricultural and rural development sector apparatus and to have an effective role in achieving financial inclusion and supporting small enterprises.
The parliament passed Law 84 for 2016 in November 2016 converting the Principal Bank for Development and Agricultural Credit (PBDAC) into the ABE.
The law stipulates that the PBDAC converts into a public sector bank called the ABE. It shall take the form of an Egyptian joint stock company wholly owned by the state. Furthermore, it shall have an independent legal entity and its main headquarters is greater Cairo. The equity of PBDAC will be transferred to the ABE, as well as its commitments.
The law also stipulates issuing the articles of association in accordance with the provisions of the CBE Law No 88 for 2003. All regulations in force shall continue until the bank's articles of association are issued.
According to the law, the ABE aims to provide the necessary funding for various types of agricultural and rural development activities, in accordance with the banking system in force, within the framework of the general policy of the state. It also contributes to the provision of financing for the requirements of production, either by importation or local production, in addition to banking operations and all related activities.
The law also provides for the integration of the PBDAC in Lower Egypt and the Credit and Development Bank in Upper Egypt.


Clic here to read the story from its source.