By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
    June 1, 2023
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    Egypt, GIZ sign agreement of €8m to support e-government, innovation in management
    June 1, 2023
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    Egypt hosts InnoXera Summit on education in artificial intelligenceage
    June 1, 2023
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    Egyptian economy offers great competitive advantage, diversified investment opportunities: Ayman Soliman
    June 1, 2023
    Egypt's new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    Egypt’s new membership in New Development Bank enhances South-South cooperation: Al-Mashat
    June 1, 2023
  • Politics
    PoliticsShow More
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
    1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
    June 3, 2023
    India train crash kills at least 207, injures hundreds 
    India train crash kills at least 207, injures hundreds 
    June 3, 2023
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    Madbouly reaffirms Egypt’s unwavering assistance for Palestine
    June 1, 2023
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    Egypt reiterates firm position in support of Palestinian cause: Shoukry
    June 1, 2023
    Egypt and France discuss joint cooperation in the health sector
    Egypt and France discuss joint cooperation in the health sector 
    June 1, 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: ABE injects EGP 1bn to stimulate agricultural, livestock investment in New Valley
Share
Notification
Latest News
1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
Politics Egypt
India train crash kills at least 207, injures hundreds 
India train crash kills at least 207, injures hundreds 
Politics Breaking News World
Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone
Banking
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 > Banking > ABE injects EGP 1bn to stimulate agricultural, livestock investment in New Valley
Banking

ABE injects EGP 1bn to stimulate agricultural, livestock investment in New Valley

Hossam Mounir
Last updated: 2022/05/31 at 1:18 AM
By Hossam Mounir 3 Min Read
Share
ABE injects EGP 1bn to stimulate agricultural, livestock investment in New Valley
SHARE

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.

You Might Also Like

Suez Canal Bank signs protocol with Chinese TEDA to support investment in SCZone

CIB signs MoU with LinkedIn learning to promote youth learning culture

Islamic banking in Egyptian market increases to EGP 544bn in March 2023

Banque du Caire’s net profit grows 29% to over EGP 1bn in 1Q 2023

161% increase in net profit of Suez Canal Bank in 1Q 2023

TAGGED: ABE, New Valley
Share this Article
Facebook Twitter Email Print
Previous Article Giza Systems commences work on North Edge Towers in New Alamein Giza Systems commences work on North Edge Towers in New Alamein
Next Article EFG Hermes, Boursa Kuwait conclude conference that highlighted Kuwait’s strong investment prospects  EFG Hermes, Boursa Kuwait conclude conference that highlighted Kuwait’s strong investment prospects 
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting
1 Egyptian security personnel, 3 Israeli soldiers were killed in border shooting 
Politics Egypt
India train crash kills at least 207, injures hundreds 
India train crash kills at least 207, injures hundreds 
Politics Breaking News World
Adding flavour of innovation to F&B industry in Africa
Adding flavour of innovation to F&B industry in Africa 
Women
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Egypt’s Women on Boards Indicator records 19.7% in 2022 with 3% growth
Women
//
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?