Agricultural Bank of Egypt enhances its support for financing development

Agricultural Bank of Egypt gives a great attention to financing projects of all kinds, maximizes its role in supporting and developing the national economy and its ability to Providing direct and indirect job opportunities for a wide segment of rural areas, by having a huge number of branches that exceed 1,150 branches covering all parts of Egypt.

Agricultural bank of Egypt business results for the past year reflect a great superiority in this file, as the number of micro-projects that the bank financed by the end of 2022 reached about 439,279 projects for individuals, while companies obtained financing worth EGP32.724 bn, number of small companies increased. Which it finances from 4,073 companies in 2021 to 6,958 companies at the end of 2022, funded at a value of EGP5.860 bn, with a growth rate of 44%.

The bank also succeeded in increasing the number of medium-sized companies it finances, to rise from 75 companies to 98 companies by the end of 2022, obtaining financing worth EGP3.325 bn, with a growth rate of 31%.

As for the Egyptian Agricultural Bank’s financing for large companies, increased from 65 companies, about EGP4.3 bn in 2021, to reach 119 companies whose financing volume recorded EGP10.563 bn in 2022, with a growth rate of 83%.

Moreover, the bank gives great support to financing the agricultural sector and related industries, as it represents about 80% of the bank’s credit portfolio, with a total of about EGP 50 bn by the end of 2022.

As the bank doubled financing to crops, which small farmers receive, with a return of 5%, during 2022.

He also aimed to adjust the credit categories of agricultural crops more than once in less than a year, at rates ranging between 25 and 70%, to help farmers face the large increase in production costs, as the volume of financing crop loans reached EGP10.581 bn, benefiting more than 250 thousand farmers, about 970 thousand acres.

It also sought to develop livestock, raising the volume of its financing for animal production projects to EGP7.128 bn, benefiting about 176,041 clients to raise about 640 thousand heads of livestock, while the volume of financing for poultry and fish projects amounted to about 285 million.

The bank is considered a strategic partner and the largest bank financing the national project to revive veal, which is being implemented according to the President's directives in coordination with Ministry of Agriculture.

This performance was reflected in the increase in the bank’s loan portfolio, as it jumped by about 14% over the past year, to record about EGP 65.737 bn at the end of 2022, compared to EGP 56.3 bn at the end of 2021, growth at a rate of 142% during the last two years.