Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), met with Alaa Farouk, Minister of Agriculture and Land Reclamation, to explore ways to accelerate the implementation of the Agricultural Takaful Fund’s work plans and activate its role in the coming period.
The meeting forms part of broader state efforts to strengthen insurance mechanisms for farmers, provide compensation for losses, and protect them against natural disasters and agricultural risks — all while promoting sectoral stability and sustainable productivity.
Minister Farouk reaffirmed the state’s commitment to enhancing insurance protection for farmers and breeders, underlining the Fund’s strategic importance in supporting small-scale agricultural producers. He stressed the need to provide technical support and comprehensive coverage for natural disasters and pest-related damages to reduce their adverse impacts on crop production and rural livelihoods.
He noted that effective cooperation with the FRA is essential to operationalising the Fund and achieving its mandate of safeguarding farmers’ investments against climate-induced and other agricultural risks.
For his part, FRA Chairperson Farid confirmed the Authority’s full support for the Fund at all levels, particularly by offering technical assistance to ensure it functions efficiently and in alignment with the new unified insurance law.
Farid pointed out that the Agricultural Takaful Fund will play a pivotal role in offering insurance coverage to workers in the agricultural sector, helping them withstand climate shocks and other hazards. This will also support broader national efforts to expand financial, insurance, and investment inclusion.
He added that the unified insurance law, issued by President Abdel Fattah El-Sisi in July 2024, includes dedicated provisions for agricultural insurance and natural disaster coverage. These legal frameworks pave the way for expanded support tailored to farmers’ specific needs.
During the discussions, the two sides reviewed mechanisms to activate the Fund’s operations — including extending insurance coverage to crops and livestock, streamlining procedures, and ensuring farmers benefit from inclusive insurance services that support business continuity and development, especially in the face of future risks.
Both officials expressed confidence that joint efforts will enhance the Fund’s capacity to provide integrated, responsive insurance services that help stabilise farmers’ incomes and encourage increased agricultural productivity across Egypt.
The Agricultural Takaful Fund was established by presidential decree to provide coverage against natural disasters and crop pest risks, safeguarding agricultural income. Prime Minister’s Decision No. 2244 of 2024 subsequently formed the Fund’s Board of Directors.
Under the presidential decree, the Fund is authorised to offer incentivised insurance contracts to crop producers, reinsure with sector companies, promote insurance awareness in agriculture, support the adoption of risk-reducing technologies, and facilitate access to financing for farmers and producers.
