Al-Sisi reviews Egypt's food security, strategic commodity reserves    Egypt signs strategic agreements to attract global investment in gold, mineral exploration    Syria says it will defend its territory after Israeli strikes in Suwayda    Egyptian Exchange ends mixed on July 15    Suez Canal vehicle carrier traffic set to rebound by 20% in H2: SCA chief    Tut Group launches its operations in Egyptian market for exporting Egyptian products    China's urban jobless rate eases in June '25    Egypt's Health Minister reviews drug authority cooperation with WHO    Egypt urges EU support for Gaza ceasefire, reconstruction at Brussels talks    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt, Mexico explore joint action on environment, sustainability    Egypt, Mexico discuss environmental cooperation, combating desertification    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger        Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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.