The agricultural and economic affairs committees at Egypt’s Parliament have given their initial approval on Sunday to a proposal for the restructuring of the country’s state agricultural bank, Principal Bank for Development and Agricultural Credit (PBDAC). Earlier in February, Central Bank of Egypt (CBE)’s Governor Tarek Amer said that PBDAC would be restructured and brought back under the CBE’s supervision. The PBDAC is currently under the jurisdiction of the Ministry of agriculture. Restructuring the bank aims at halting its continuous losses, which reached EGP5.3bn (USD597m), El-Sayed El-Kosayer, PBDAC chairman, said. El-Kosayer added that the bank would continue serving and favouring the farmers post-restructuring, explaining that being under the jurisdiction of the CBE would not end the bank’s specialty. (Amwal Al Ghad)