Agricultural Bank of Egypt Contributes EGP43.224 bn to Support Micro, Small and Medium Enterprises

Alaa Farouk, the President of the Egyptian Agricultural Bank, stated that the bank plays a significant role in supporting the small, medium, and micro enterprises sector.

Total loans directed to support this sector reached EGP43.224 bn, accounting for 76% of the portfolio's size. Meanwhile, the funding for large companies operating in Agricultural and agricultural manufacturing sectors amounted to EGP 12.4 bn, supporting 143 companies.

He emphasized that Decent Life initiative has transformed life in rural Egypt and has greatly contributed to development of the agricultural sector. He pointed out that  Agricultural Bank has been a major supporter of the state's efforts in achieving the goals of the presidential initiative.

Farouk highlighted that the bank is working on supporting small farmers to achieve agricultural development. The total agricultural loans granted to farmers since 2021 until May 2023 amounted to EGP42.5 bn, with an interest rate of 5%, totaling 972,000 loans.

These statements were made by the President of the Egyptian Agricultural Bank during a session of The Committee on World Food Security in the National Dialogue, discussing the role of the state in providing agricultural production requirements, pricing issues, and the support of agriculture, credit, and debts.

Farouk explained that the bank launched two initiatives in 2021 to settle and resolve overdue debts, with a total of over EGP10 bn. Hundreds of thousands of customers have benefited from these initiatives, contributing to improving their living standards and assisting them in work and production.

He further stated that the bank has witnessed significant development in all sectors, including the development of over 300 branches in villages across all governorates, including 65 branches in Decent Life villages. Additionally, the bank has deployed 1,170 ATMs in rural Egyptian villages, including around 250 ATMs in Decent Life villages. The bank has issued 3.17 million prepaid Meeza cards and 421,000 pension Meeza cards, as well as 2.3 million farmer Meeza cards, and distributed and delivered 1.3 million cards.