Alaa Farouk — Chairperson of the Board of Directors of the Agricultural Bank of Egypt (ABE) — said that the bank granted funds worth EGP 1bn to stimulate investment in the agricultural and livestock production sectors in the New Valley.
He added that 60% of these funds were granted by the bank to a number of major agricultural projects worth EGP 600m, which included new land reclamation and infrastructure projects.
This aims to increase the agricultural area and support agricultural production projects to provide strategic crops, achieve self-sufficiency, and increase the production of export crops.
Furthermore, the chairperson added that 40% of the volume of funds — which equals EGP 400m — that the bank pumped into the New Valley benefited owners of small and micro enterprises operating in the agricultural sector and related activities.
Additionally, agricultural loans of all kinds were provided to support small farmers in order to achieve comprehensive development within the scope of the governorate.
He also stressed that the bank will not hesitate to support the state’s efforts to achieve a comprehensive agricultural renaissance by providing financing programmes with great facilities, opening new horizons for investment and stimulating production in new development areas.
Moreover, the bank supports and finances national initiatives and projects to support agricultural and animal production in implementation of the president’s directives to achieve comprehensive development and maximise the use of the agricultural sector to enhance its contribution to the national economy.
He also pointed out that the New Valley is one of the most promising development governorates that are being relied upon in maximising the benefit of the agricultural and livestock sector and related industries to achieve self-sufficiency in crops and agricultural products, in addition to exporting the surplus abroad.
The governorate constitutes 44% of Egypt’s area, which makes it qualified to lead the agricultural development movement in Egypt in the future with its natural and human capabilities.
Furthermore, Farouk explained that the bank aims to finance micro-projects to provide job opportunities and improve the standard of living of the people of the governorate. Consequently, the ‘Bab Rezk’ micro finance programme was met with great demand, with funding worth EGP 30.780m.
He also said that the New Valley is one of the governorates that are integral to the future of wheat production in Egypt, adding that its system for supplying wheat is running according to regular mechanisms, as the total that was supplied during the past days amounted to more than 1,200 tonnes.