The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with the Ministry of Agriculture and the New Valley governorate that will develop and modernise the governorate’s irrigation systems.
The tripartite cooperation will see the conversion from the currently used flood irrigation system to a more environmentally friendly sprinkler and drip irrigation method.
ABE Chairperson Alaa Farouk said the protocol forms part of the bank’s strategy and its continuous role in financing Egypt’s agricultural and related sectors. He added that this is of vital priority at the national level, and will see support and finance extended to the transition to modern irrigation systems.
Farouk emphasised that, as part of the protocol, the ABE will make loans available for projects implementing modern irrigation systems within three days from the date of the application for funding. This will ensure the speedy implementation of these important projects to encourage improved use of irrigation water and achieve sustainable development.
The protocol was signed by Farouk, alongside Minister of Agriculture and Land Reclamation ElSayed ElKosayer, the New Valley Governor Mohamed Al-Zamlout.
Farouk expressed his thanks to ElKosayer and Al-Zamlout for their ongoing and fruitful cooperation with the ABE, and his aspiration for further cooperation towards achieving Egypt’s agricultural sector goals.
The protocol’s signing falls under state-adopted policies which aim to raise the efficiency of irrigation, and preserve water resources and improve its use, through the expanded use of modern irrigation methods.