Agricultural Bank of Egypt Injects EGP 42.842 Bn to Fund Micro, Small, and Medium-Sized Projects by June-2023 end

Agricultural Bank of Egypt is reinforcing its capacity to stimulate the growth of small and medium-sized projects, recognizing them as vital drivers and the backbone of the national economy due to their ability to create job opportunities for the youth and address unemployment issues, while empowering women, contributing to socio-economic development.

As per the bank's business performance indicators during the first half of 2023, approximately 64% of the bank's credit portfolio, totaling EGP 42.842 bn, was directed towards financing micro, small, and medium-sized activities, benefitting 443,027 clients (individuals and companies).

With a strategic focus on supporting and funding this sector, especially in rural areas, the bank's extensive network of over 1150 branches enables it to reach and empower small, medium, and micro-entrepreneurs in towns, villages, and remote areas across all provinces.

Notably, the portfolio for financing micro-sized projects witnessed significant growth, amounting to 48% of the total loan portfolio. Around EGP 31.630 bn was allocated to individual projects, benefiting 433,913 entities, while EGP 591 mn was granted to 2,099 micro-sized companies, and EGP 6.558 bn supported 6,906 small-sized companies. Additionally, the bank successfully financed 109 medium-sized companies, providing a total of EGP 4.063 bn in funding.

Simultaneously, the bank has expanded its role in financing large-scale projects and companies to maximize their contributions to the national economy. The number of large-scale companies receiving funding from the bank has risen to 119, operating in the agricultural sector and related activities. Total financing for these companies reached EGP 12.421 bn, compared to EGP 7.886 bn at the end of June last year.

This achievement adds to the series of successes accomplished by the Egyptian Agricultural Bank in stimulating investment in the agricultural sector and its related activities. Moreover, these projects play a significant role in generating direct and indirect employment opportunities and improving the income levels of numerous citizens across all provinces.

Alaa Farouk, Chairman of the Egyptian Agricultural Bank, emphasized the bank's strong commitment to funding micro, small, and medium-sized projects. He highlighted the bank's willingness to partner with aspiring entrepreneurs and provide comprehensive support to enhance the success of their ventures, based on meticulous studies.

Agricultural Bank of Egypt dedication to financing MSMEs demonstrates its determination to play a pivotal role in fostering economic growth and sustainable development while improving the quality of life within their communities.