The Principal Bank for Development & Agricultural Credit (PDBAC) is continuing its consultations with the Central Bank of Egypt (CBE) and the Ministry of Agriculture to complete the formation of the bank’s board, according to the bank’s chairperson Elsayed Elkosayer.
Elkosayer told Daily News Egypt that the formation of the board will be finalised in the coming months.
The cabinet had approved on Thursday the appointment of Samy Abdel Sadek and Tamer Gomaa as vice chairpersons to the bank.
Before his appointment, Abdel Sadek was vice chairperson of the Industrial Development and Workers Bank of Egypt. Gomaa was a senior staffer at the African Development Bank prior to joining the PBDAC.
These moves come in implementation of the new Bank Law passed by parliament in November 2016.
Article 5 of the law states that the bank’s management is run by a board of directors formed by the board’s chaiperson. The board includes two vice chairpersons, a representative of the Ministry of Finance, a representative of the Ministry of Supply, a representative of the Ministry of Agriculture, and six experts in the fields of banking, monetary, financial, economic, agricultural development, and legal issues policies.
Moreover, the law also gives the prime minister the power to appoint the bank’s chairperson and members of the board of directors, based on candidates selected by the Minister of Agriculture, and with the approval of the CBE governor. The chairperson and members of the board are then appointed for three years subject to renewal. The salaries, allowances, and bonuses of the chairperson and their vice chairpersons, along with bonuses to experts not working at the bank and allowance for attending board meetings, are all granted by decision of the prime minister.
According to Elkosayer, the senior management of the bank will continue its implementation of the restructuring plan, change its statute, and amend the policies related to granting loans and attracting deposits.
In another matter, he noted that the PBDAC aims to provide a number of modern technological services, including mobile payment, in cooperation with the National Bank of Egypt (NBE) and under the auspices of the CBE.
