Latest in Tag: ABE Highlight
Latest in Tag: ABE
Farouk indicated that the significant expansion of digital services requires continuous support and modernisation of the bank’s technological infrastructure in an effort to accommodate this development, which is what makes the bank implement an ambitious strategy to develop the technological infrastructure to keep pace with the progress witnessed in banking application technology.
Minister of Supply and Internal Trade Ali Al-Moselhi said in a statement on Monday that the aim of the company is to establish, equip, manage, maintain, operate, utilise, and rent silos, warehouses, hangars, banks, warehouses, customs yards, and logistical areas.
Total funds granted to agricultural sector, related activities estimated at EGP 43.535bn or 72% of total funds volume
Bank plans to establish 20 business development service centres nationwide: Chairperson Alaa Farouk
This cooperation would entail supporting development projects, stimulating the production climate, and opening new horizons for investment opportunities in the governorate.
The bank will not hesitate to support the state’s efforts to achieve comprehensive agricultural development by providing financing programmes with large facilities: ABE Chairperson
EGP 233m allocated to finance agricultural associations in Aswan
This is to provide the necessary funding for the implementation of the pilot phase of the modern irrigation system in the governorates of Beni Suef and Qaliubiya as an initial stage.
This is in implementation of the directives of President Abdel Fattah Al-Sisi and comes within the framework of the Central Bank of Egypt’s (CBE) initiative to finance youth projects with 5% interest.
The bank is also facilitating supply operations from farmers and receiving all wheat supplied from them provided that it conforms to the specifications and terms of supply.
Bank pumps nearly EGP 12bn to finance agricultural loans from mid-June 2020 to 2021-end
The agreement aims to contribute to the implementation of the objectives of the Decent Life initiative, by providing all its banking and financial services and ensuring that they reach a wide sector of the rural population.
ABE to complete development of 1,000 branches nationwide by late 2022
Bank plans to expand branch network to 2,000 branches over 5 years: Chairperson Farouk
This is considered a record period compared to the challenges facing the installation and operation of ATMs, especially in villages.
Deposits up EGP 15bn from March 2020 through April 2021
Approval from CBE raises lending portfolio for this project to EGP 3bn, says ABE Chairperson Alaa Farouk
Bank allocates 70% of loans to agricultural SMEs, says Chairperson Alaa Farouk
Bank sees huge increase in loan portfolio to EGP 44.5bn in 2020, of which EGP 31bn directed to MSMEs, says Alaa Farouk
Initiative includes EGP 3.9bn for principal debt and EGP 2.4bn for accumulated returns
Bank agrees to finance agricultural, livestock production projects, and to apply modern irrigation systems in Minya, says Chairperson Alaa Farouk
Permanent branch in same area to be set up soon and include entrepreneurship centre, says Chairperson Alaa Farouk
Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.
Farouk said that the ABE’s field visits to inspect agricultural projects across Egypt aim to provide full support and financing for these projects. They also come in implementation of President Abdel Fattah Al-Sisi’s directives to maximise the preferential advantages enjoyed by the agricultural sector.
Financing programme for needy families, rural women, and craftsmen to be launched soon
ABE has provided about EGP 120m in finance to 300 projects under Agriculture Ministry, says Alaa Farouk
Bank has issued about 1.6m Meeza cards and 85,000 smart cards to farmers, says Alaa Farouk
The protocol will also facilitate the establishing of poultry farms and slaughterhouse projects, as part of the state and Central Bank of Egypt (CBE) initiative to fund small projects with 5% declining interest rate.
The protocol was signed by Alaa Farouk Zaky, Chairperson of the bank and Moustafa El Sayyad, Deputy Minister of Agriculture for Livestock, Fisheries and Poultry Affairs.
El Kosayer worked to restructure the Industrial Development and Workers Bank of Egypt in 2011 then moved in April 2016 to lead the Principal Bank for Development and Agricultural Credit and turned it into the Agricultural Bank of Egypt (ABE).