ABE, MSMEs Development Agency to sign agreement worth EGP 50m to finance women’s project within two weeks

Hossam Mounir
3 Min Read
The chairperson of the Agriculture Bank of Egypt, Elsayed Elkosayer (DNE Photo)

The Agriculture Bank of Egypt (ABE) is set to sign a cooperation protocol within two weeks with the Micro, Small, and Medium Enterprises Development Agency (MSMEs Development Agency) worth EGP 50m to finance projects for women.

Elsayed Elkosayer, chairperson of the bank, said that this will be the first project of its kind in the Egyptian banking sector, pointing out that women account for 30% of the size of the bank’s small-scale loans.

The bank has recently launched the “Bint Misr” project to finance working women, especially in the Delta and Upper Egypt governorates, in order to help women entrepreneurs with very favourable terms and conditions. The maximum funding amounts to EGP 10,000.

In a related context, the ABE is considering putting together a financing scheme to contribute to the establishment of the first model village for animal and agricultural production in the New Valley governorate.

The bank had earlier signed a cooperation protocol with the New Valley governorate, Misr Al Kheir Foundation, and Tahya Misr Fund to establish a 150-feddan village with 150 families, provide employment opportunities for young people and girls, and enable them to own and manage projects.

According to what was agreed upon between these bodies, each family is scheduled to be given a single feddan with a house attached to it, a garden, some palm plantations, and a place to raise livestock.

According to Elkosayer, the bank’s participation in this project emphasises the role played by the bank in achieving agricultural and rural development.

He explained that the role of the bank will be to contribute to financing part of the requirements and needs of the project related to the needs of plant production, financing the raising of livestock and poultry, and financing the purchase of necessary machinery and equipment.

He also pointed out that the agricultural company owned by the bank, which represents its commercial arm, will also be directed to open marketing outlets to provide fertiliser, seeds, and equipment to the owners of these projects.

He noted that beneficiaries of the project can benefit from the financing provided under the initiative of the Central Bank of Egypt (CBE) to finance small and medium projects and finance the agricultural and animal wealth sectors if they match the criteria.

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