In response to “Farmers loans scammed by dubious bank employees in Egypt” investigation which was published by journalists Shehata Sayyed Ahmad and Sahar Al Hamadani on August 29, the Public Fund Prosecution investigated the corruption in agriculture loans given by the Egyptian Agricultural Bank.
Country:
Egypt
Date:
December 2021
In response to “Farmers loans scammed by dubious bank employees in Egypt” investigation which was published by journalists Shehata Sayyed Ahmad and Sahar Al Hamadani on August 29, the Public Fund Prosecution investigated the corruption in agriculture loans given by the Egyptian Agricultural Bank. Later in December, the Central Bank of Egypt issued an order, on December 14, to terminate the loan if the faulting client failed to do regular payments for three years. On December 17, the Egyptian Agricultural Bank launched a new initiative to settle the bad debts of more than 45 thousand farmers and clients in the agricultural sector. The investigations revealed the involvement of four officials in the bank in the manipulation of giving loans to farmers that did not meet the legal requirements.
