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Restructuring PBDAC, serving farmers' interest are top priorities: El-Kosayer - Daily News Egypt

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Restructuring PBDAC, serving farmers’ interest are top priorities: El-Kosayer

El-Kosayer to hold first meeting in the PBDAC on Wednesday; controversy surrounds the presidency of IDBE


The new chairman of the Principal Bank for Development and Agricultural Credit (PBDAC) El-Sayed El-Kosayer is holding his first meeting with the bank’s officials on Wednesday to learn about the progress of work and the most important files of the bank.

The cabinet issued a decision on 20 March appointing El-Kosayer as chairman of the PBDAC for a period of three years, succeeding his predecessor Atteya Salem who took the position in February 2014.

El-Kosayer told Daily News Egypt that the restructuring of the bank, activating its services for farmers and the agriculture sector, and supporting small- and medium-sized enterprises (SME) come at the top of his priorities.

He added that he will also hold a meeting with the bank’s employees or their representatives to listen to their demands and work to resolve them, stressing that efficiency will be the sole criterion for promotions in the bank.

Salem, the former chairman of PBDAC, experienced severe conflicts with the bank’s employees, who have protested frequently against him in recent days demanding his dismissal.

Meanwhile, controversy still surrounds the presidency of the Industrial Development and Workers Bank of Egypt (IDBE), in succession of El-Kosayer.

There are widely-circulated reports that vice president of IDBE Sami Abdul Sadiq is nominated to assume the presidency of the bank, as well as other figures from outside the bank, including Mohamed Mustafa Gad, who served previously as vice president of the bank.

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