ABE signs agreement to finance 1.5 million-feddan reclamation project

Hossam Mounir
1 Min Read

Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), and Amr Abdel Wahab, Chairperson and Managing Director of the Egyptian Countryside Development Company, signed a cooperation protocol to finance investors in the 1.5 million-feddan reclamation project.

Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.

He pointed out that it is considered one of the most important national projects launched by President Abdel Fattah Al-Sisi as part of the “Step to the Future” programme to achieve sustainable development.

He stressed that this project will have a major role in achieving self-sufficiency of agricultural crops and bridging the food gap.

According to the protocol, the ABE will finance small and medium enterprises, as well as large corporates working in agricultural activities, livestock, poultry, and fishing. In addition, the bank will finance the purchase of agricultural machinery, modern irrigation systems, solar panels, and other requirements for production.

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