Hisham Okasha, Chief Executive Officer of Banque Misr, and Amr Abdel Wahab, Chairperson and Managing Director of the Egyptian Countryside Development Company, signed two cooperation protocols aimed at supporting investments by Egyptians abroad who are beneficiaries of New Egyptian Countryside lands and financing small and medium-sized enterprises operating within the national project for the reclamation, cultivation and development of 1.5 million feddans.
The first protocol comes within the framework of the Your Farm in Egypt initiative, which aims to provide Egyptians living abroad with opportunities for agricultural investment and ownership of agricultural land, with plot sizes ranging from 40 feddans to 200 feddans per individual or contracting company.
The second cooperation protocol, signed between the Egyptian Countryside Development Company and Banque Misr, aims to finance and support investors benefiting from land allocated under the national project for the reclamation, cultivation and development of 1.5 million feddans, provided they meet the Central Bank of Egypt’s criteria for small and medium-sized enterprises and are subject to the bank’s applicable credit rules and conditions.
The financing will cover a number of project areas, including El Moghra, West Minya, West Minya Extension, Old Farafra, Toshka Wells, El Tor, and other project locations.
The Chief Executive Officer of Banque Misr said that the signing of the two protocols comes within the framework of the bank’s strategy to support major national projects, which represent a key pillar of sustainable economic development. He stressed the bank’s commitment to providing integrated banking and financing solutions that contribute to attracting investments from Egyptians abroad and supporting land reclamation and development projects, thereby reinforcing the state’s efforts to achieve food security and expand the agricultural area.
Okasha added that Banque Misr attaches great importance to the small and medium-sized enterprise sector, considering it one of the main drivers of economic growth and job creation. He noted that the bank consistently seeks to strengthen effective partnerships with various national institutions and entities in a manner that contributes to achieving development objectives and supporting the Egyptian economy.
He also stressed that the bank is working diligently to provide a positive model for institutions to follow, generating benefits for society as a whole, enhancing its services, maintaining its long-term success, and actively participating in initiatives and partnerships that benefit individuals. He noted that the bank’s values and business strategies reflect its commitment to sustainable development and prosperity for Egypt.
For his part, the Chairperson and Managing Director of the Egyptian Countryside Development Company said that signing the two cooperation protocols with Banque Misr represents an important step within the company’s strategy to enhance agricultural investment opportunities and provide greater facilitation, financing, and banking solutions for investors and beneficiaries of land within the national 1.5 Million Feddan project.
Abdel Wahab explained that the 1.5 Million Feddan project is one of the largest integrated agricultural and development projects being implemented by the Egyptian state in modern times. The project aims to reclaim, cultivate and develop 1.5 million feddans while establishing integrated agricultural and urban communities that rely on the latest agricultural systems and technologies, ensuring the optimal use of natural resources and supporting the state’s efforts to strengthen food security.
He noted that the project has achieved advanced implementation rates in recent years, with nearly 600,000 feddans already entering the reclamation and cultivation stages across various project areas. This reflects the scale of efforts undertaken by the company and its development partners in both the public and private sectors to achieve the project’s objectives on the ground.
He added that the project has so far generated around 500,000 direct and indirect job opportunities within the company’s project areas, while also supporting new urban communities and creating promising investment and production opportunities for young people, Egyptian and Arab investors, and Egyptians abroad. The project also contributes to food security and sustainable development through an approach that respects natural resources and maximises the role of scientific research.
Abdel Wahab further explained that the development of the Egyptian countryside is not limited to agricultural activities alone, but extends to livestock and poultry production, aquaculture, agro-processing, logistics services, and complementary activities, thereby contributing to integrated and sustainable development and maximising the added value of Egypt’s agricultural sector within the framework of the New Republic.
He stressed that the Your Farm in Egypt initiative is one of the company’s most important specialised initiatives, launched in cooperation with the Ministry of Foreign Affairs, International Cooperation and Egyptians Abroad. The initiative aims to provide Egyptians living abroad with a direct opportunity to participate in agricultural and sustainable development efforts in their homeland through ownership and investment in agricultural land within the 1.5 Million Feddan project, thereby strengthening their connection to the national economy and helping attract additional dollar inflows to support development.
He pointed out that the partnership with Banque Misr provides a strong and secure banking and financing umbrella for investors and beneficiaries of land within the national project in general, and the Your Farm in Egypt initiative in particular. This includes facilitating the receipt of dollar transfers related to the initiative and providing the financing required for SMEs operating across the project’s various areas, which will contribute to increasing production and investment rates and achieving sustainable development goals.
