ABE signs cooperation protocol to enhance banking, financing services in South Sinai

Hossam Mounir
3 Min Read

The Agricultural Bank of Egypt (ABE) and South Sinai governorate have signed a cooperation protocol to provide banking and financing services, support productive projects, create job opportunities for youth and women, and promote sustainable development efforts in the governorate in all fields.

The protocol was signed by Khaled Fouda, the Governor of South Sinai, and Alaa Farouk, the Chairperson of the Agricultural Bank of Egypt.

The protocol includes opening a new branch by the Agricultural Bank of Egypt in Sharm El-Sheikh to provide banking and financing services and to meet the needs of the people of the governorate.

The protocol also includes financing a number of projects for young graduates and cooperation in the field of livestock fattening projects with genetically improved breeds for the production of milk and meat and serving young breeders, and launching an awareness campaign for the people of Sinai to introduce financing opportunities within the framework of financial inclusion by holding conferences and events in the developmental areas of Al-Tur, Nuweiba and Ras Sidr, in addition to providing microfinance opportunities for Sinai women and youth in the governorate.

The Governor praised the role of the Agricultural Bank of Egypt in supporting and strengthening development efforts in Egypt and the Governorate of South Sinai, financing small and micro projects, and empowering Sinai youth and women, thus contributing to raising the standard of living of the people of the governorate.

Fouda indicated that the protocol will be activated to provide financing services to the people of South Sinai, activate micro-enterprise financing programs in cooperation with the governorate’s agencies, and achieve maximum benefit from Sinai women’s financing programs, stressing the importance of this fruitful and constructive cooperation between the Governorate of South Sinai and the Agricultural Bank of Egypt.

Farouk confirmed that this cooperation comes to achieve the state’s goals in achieving comprehensive and sustainable development in South Sinai Governorate, raising the level of services provided to citizens, supporting agricultural development projects, and providing job opportunities for Sinai youth and women to advance the national economy, in implementation of the directives of President Abdel Fattah El-Sisi.

Farouk added that South Sinai is one of the most promising developmental governorates, with its natural and human resources and the comprehensive renaissance it possesses. Therefore, the Agricultural Bank was keen to be present in the governorate and expand its banking and financing services, especially economic activities, support for small farmers and investors, cooperation in the field of employment and creation of work opportunities and promote development efforts in the province.

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