By: Islam Fadl
Cairo - Mubasher: The Central Bank of Egypt (CBE) has approved a new deposit of EGP 3.5 billion at the Agricultural Bank of Egypt (ABE).
ABE expects to obtain the deposit before the end of September, sources told Mubasher.
The bank will use the deposit in restructuring and capital improvement, as part of an ongoing reform process.
The Agricultural Bank previously received EGP 6.5 billion deposit, divided into two tranches. The first was in February 2017 at EGP 2.5 billion, and the second was EGP 4.5 billion last November.
CBE has exempted from paying loan interest for ten years.
