Agricultural Bank of Egypt's granary receives 277 thousand tons of wheat, EGP 2.8 bn

Agricultural Bank of Egypt received the good news of local production of wheat crop for 2023 season, as the total supply proceeds amounted to about 277 thousand tons during the first month since the start of the season, which started on the first of April, with a total value of EGP2.8 bn, which is considered Promising indicators for the start of a successful season compared to the quantities supplied in the same period last year.

Sami Abdel Sadiq, Vice Chairman of the Board of Directors of Agricultural Bank of Egypt, affirmed the bank's keenness to provide all the ingredients for success for wheat supply season and to facilitate supply operations from small farmers and suppliers, through an integrated system to receive wheat in storage sites owned by the bank and spread throughout Egypt.

He explained that this comes within the framework of the Agricultural Bank of Egypt's efforts 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.

Abdel Sadiq expected an increase in the quantities of wheat received this season compared to previous seasons as a result of the encouraging measures and incentives provided by the state to wheat suppliers.

This came during the inspection visit by the Vice-President of the Agricultural Bank of Egypt to follow up on the progress of  wheat supply business in the bank’s store in  Tamiya Center in Fayoum Governorate, and in the presence of a number of the bank’s leaders, within the framework of the bank’s keenness to follow up the receiving operations throughout the day and provide all facilities to suppliers and remove Any obstacles that they may encounter during the supply process to the bank's storage sites.

He continued, through which a real-time database is provided that includes information on each supplier, the quantity supplied, the degree of sorting, and other data that is linked to smart display screens linked to the main center, shops and all branches of the bank in the governorates to see the quantities supplied in real time for each shop and monitor its performance.

Abdel Sadiq indicated that the bank has established an operations room for the local wheat supply season to monitor and regulate supply operations. The bank is also a member of Central Operations Room of Ministry of Supply.

He stressed that this system contributes to facilitating the suppliers greatly, as it enables them to disburse the financial value of the quantities supplied in cash or through the suppliers' bank account within 48 hours at most.

As the bank allowed suppliers to open bank accounts for free at the Egyptian Agricultural Bank and obtain a bank card to facilitate the disbursement of dues from any ATM or bank branch.

Moreover, the bank allows payment to suppliers in the way they choose. Stressing that the sums due to suppliers will be exempt 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 quantity of wheat, no matter how small, in order to encourage small farmers to supply their crops directly to the bank's affairs without an intermediary and benefit from the announced price.

In addition, the bank provides sacks for import in order to facilitate the customers for warehousing and to facilitate the process of withdrawing wheat from the barn as soon as possible.

The bank also allowed the farmer or supplier to weigh in the nearest scale to him, provided that his weight, and other facilities aims to save effort and time for farmers and suppliers