ABE receives first batch of locally produced wheat 

Daily News Egypt
4 Min Read

The Agricultural Bank of Egypt (ABE) has received the first batch of locally produced wheat in 2023, amounting to about 277,000 tonnes in the first month of the season, which started in early April, with a total value of about EGP 2.8bn. This is an indication of a successful season compared to the quantities supplied during the same period last year.

Samy Abdelsadek, Deputy Chairperson of the ABE, said that the bank is keen on supporting small wheat farmers and suppliers through an integrated system supported by the bank. This step comes within the framework of the bank’s endeavour to increase the supply rates of local wheat to support the state’s efforts to receive and preserve the strategic wheat crop according to the specifications set by the Ministry of Supply and Internal Trade.

Abdelsadek followed up on the progress of wheat supply in the bank’s store in Tamiya town in Fayoum governorate, in the presence of a number of the bank’s leaders. He explained that the bank has increased the number of storage sites this year to 190, with a capacity to receive about 850,000 tonnes of wheat during the season. He pointed out that the Tamiya greenhouse represents a model for the barn that was fully developed to be in the form of a covered hangar on an area of 7,200 cubic meters, with a capacity of 5,200 tonnes, and all security and safety requirements are met.

Alaa Farouk, Chairperson of the ABE, highlighted the importance of developing a number of new policies to provide all facilities to farmers and suppliers to facilitate the supply of their crops to the bank’s storage capacities, including an electronic system to receive wheat, by providing POS machines in all locations, with a real-time database that includes information on each supplier, the quantity supplied, the degree of sorting, and other data.

He stressed that this system contributes to facilitating the procedures for suppliers greatly, as it enables them to disburse the financial value of the quantities supplied in cash or through the suppliers’ bank account in 48 hours at most. The bank also allows suppliers to open bank accounts for free and obtain a card to facilitate the disbursement of dues from any ATM or bank branches. In addition, the bank also allows payment to suppliers by the method of their choice. The amounts due to suppliers will be exempted from any administrative expenses or bank commissions and disbursed in full according to the purchase prices and incentives approved by the state.

He pointed out that all capacities and storage sites of the bank receive any amount of wheat, no matter how small, in order to encourage small-scale farmers to supply their crops directly to the bank, without an intermediary, and benefit from the announced price. In addition to that, the bank provides supply to facilitate for the customers the process of warehousing. 

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