The Parliament has recently approved the Principal Bank for Development and Agricultural Credit (PBDAC)’s Act, which will be rebranded to the Egyptian Agricultural Bank, according to bank Chairman, Sayed Al Qusair. He stated that the parliamentary approval would enable the bank to raise its capital from EGP1.5bn to EGP5bn under the new act. PBDAC is in negotiations to borrow USD700mn, of which USD500mn are from the World Bank and USD200mn from the Islamic Development Bank of Saudi Arabia. The funds will be channeled to revamp the bank’s IT systems, human capital and infrastructure. Under the new act, the agricultural bank is allowed to establish a financial leasing company. (Al Mal)