Egyptian bank grants loans to young farmers to marry more than one wife

an attempt to fight “spinsterhood,” the Egyptian Bank for Development and Agricultural Credit decided to grant loans to new farmers to encourage polygamy.

The Bank’s chairman, Mohsen Batran, announced in a press conference held with the Minister of Agriculture on Tuesday, that the bank will be granting loans to young farmers, to help them with the cost of marriage, according to “al-Ahram” newspaper.

His initiative includes encouraging polygamy, provided that they will just wed two wives. The bank’s chairman said that the loan’s interest on the first marriage is three percent while for the second marriage is six percent.

Men seeking a third wife will have to pay a loan’s interest of more than 15 percent.

According to Al-Ahram newspaper, there are nine million unmarried women in Egypt.

Batran, meanwhile, criticized those who are skeptical about the bank’s support to the farmers, adding that the bank had helped 37 thousand farmers with their debts. SHOW MORE

Last Update: Wednesday, 16 January 2013 KSA 00:04 - GMT 21:04