By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
    As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
    June 6, 2023
    FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
    FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
    June 6, 2023
    New MoU signed to develop SMEs in industrial zone in East Port Said
    New MoU signed to develop SMEs in industrial zone in East Port Said
    June 6, 2023
    CI Capital records revenues of EGP 1.6bn in 1Q 2023
    CI Capital records revenues of EGP 1.6bn in 1Q 2023
    June 6, 2023
    International Conference of Institute of National Planning discusses various types of governance
    International Conference of Institute of National Planning discusses various types of governance
    June 6, 2023
  • Politics
    PoliticsShow More
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    Arab League calls on Security Council to shoulder its responsibilities, oblige Israel to end occupation
    June 5, 2023
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    Institute of Diplomatic Studies holds training course for diplomats from South Sudan
    June 5, 2023
    Al-Sisi participates in African meeting on mediation in Russian-Ukrainian crisis
    Al-Sisi participates in African meeting on mediation in Russian-Ukrainian crisis
    June 5, 2023
    Washington, Riyadh call for new ceasefire agreement in Sudan
    Washington, Riyadh call for new ceasefire agreement in Sudan
    June 5, 2023
    Ugandan president says 54 peacekeepers killed in Somalia deadly attack
    Ugandan president says 54 peacekeepers killed in Somalia deadly attack
    June 5, 2023
  • Interviews
    InterviewsShow More
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    EFG Finance to launch unified platform gathering all its financing services: Alaa Al-Afifi
    May 31, 2023
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: SFD and PBDAC sign contract worth EGP 100m to finance agricultural and animal projects
Share
Notification
Latest News
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
Tourism
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
Business
New MoU signed to develop SMEs in industrial zone in East Port Said
New MoU signed to develop SMEs in industrial zone in East Port Said
Business
CI Capital records revenues of EGP 1.6bn in 1Q 2023
CI Capital records revenues of EGP 1.6bn in 1Q 2023
Business
International Conference of Institute of National Planning discusses various types of governance
International Conference of Institute of National Planning discusses various types of governance
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > SFD and PBDAC sign contract worth EGP 100m to finance agricultural and animal projects
Business

SFD and PBDAC sign contract worth EGP 100m to finance agricultural and animal projects

Hossam Mounir
Last updated: 2017/04/12 at 4:46 PM
By Hossam Mounir 3 Min Read
Share
SHARE

Elsayed Elkosayer, the chairperson of the Principal Bank for Development and Agriculture Credit (PBDAC), and Nevine Al-Game’a, secretary general of the Social Fund for Development (SFD), signed on Wednesday a financing contract over EGP 100m to be obtained by PBDAC for the financing of agricultural and livestock projects and new small irrigation systems in all governorates. The funding will be provided through the World Bank’s agreement signed with the SFD in 2014, worth $300m.

The funding obtained by the PBDAC will be provided to finance the purchase of new and used machines and provide working capital, as well as to contribute to the equipment necessary for projects in the agricultural and livestock sectors, related activities, and projects related to the application of micro-irrigation based systems.

According to Al-Game’a, it is expected to provide 854 loans to small and medium sized enterprises (SMEs) through this contract, aiming to provide permanent and temporary job opportunities to the owners of SMEs and their employees.

She added that the volume of contracts signed with the PBDAC amounts to EGP 2.46bn, and it was fully disbursed to finance more than 120,000 loans for new and existing SME projects.

She pointed out that the PBDAC of Egypt owns a wide network of branches, which makes it capable of reaching all segments of customers across villages in all governorates.

On the sidelines of the signing of the contract, Elkosayer revealed that the bank’s deposits reached EGP 41bn by the end of March, while the size of loans amounted to EGP 3.5bn.

He noted that the bank accredited the budget of the last fiscal year, and a general assembly will be held during the coming period to develop a plan to merge the bank’s branches in Upper and Lower Egypt.

He added that the bank will focus on raising the efficiency of assets during the coming period and that it made an inventory of all the assets owned by the bank. The bank is studying how to exploit its assets in a manner that brings good returns to the bank.

The PBDAC supports the agricultural sector and products that reduce imports from abroad, and it aims to introduce the smart farmer card, according to Elkosayer.

Elkosayer disclosed that the bank has injected EGP 700m to finance 10,000 projects within the “Your Project for Micro-Financing” initiative.

He said that the bank is currently coordinating with the Central Bank of Egypt (CBE), the Egyptian Countryside Development Company, the National Bank of Egypt (NBE), and Banque Misr to launch a special product for the beneficiaries of the 1.5 million acre reclamation project.

You Might Also Like

As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?

FRA extends deadline for electing Egyptian federation for securities’ board for 3 months

New MoU signed to develop SMEs in industrial zone in East Port Said

CI Capital records revenues of EGP 1.6bn in 1Q 2023

International Conference of Institute of National Planning discusses various types of governance

TAGGED: Elsayed Elkosayer, PBDAC, Principal Bank for Development and Agriculture Credit, SFD
Share this Article
Facebook Twitter Email Print
Previous Article Ministries of military production, trade cooperate on transferring tanneries
Next Article Kerdasa police massacre defendants to hear verdict on 24 April
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
As Egypt decides to establish tourist chambers, federation, what is in it for tourism industry?
Tourism
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
FRA extends deadline for electing Egyptian federation for securities’ board for 3 months
Business
New MoU signed to develop SMEs in industrial zone in East Port Said
New MoU signed to develop SMEs in industrial zone in East Port Said
Business
CI Capital records revenues of EGP 1.6bn in 1Q 2023
CI Capital records revenues of EGP 1.6bn in 1Q 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?