Agricultural Bank of Egypt Unveils Education Expenses Loan to Empower Farmers' Children
First Bank
Agricultural Bank of Egypt has announced the launch of a personal loan to support the coverage of education expenses for the children of farmers, with financing of up to EGP10,000.
This initiative aims to assist farmers in covering the costs of school and university expenses for their children, coinciding with the celebration of Farmers' Day and the start of the new academic year.
The education expenses loan allows financing of school fees and study materials for students in schools and universities who are the children of landholding farmers.
The loan amount is calculated at EGP2,000 per acre based on the land ownership card, with a minimum of EGP 2,000 and a maximum of EGP10,000.
The financing period is 12 months, and the bank offers flexibility in the repayment schedule, allowing clients to choose between monthly, quarterly, or semi-annual installments to ease the burden on farmers. Additionally, clients are provided with complimentary life insurance during the loan period.
Alaa Farouk, Chairman of the Board of Directors of the Egyptian Agricultural Bank, stated that the loan will be available through all bank branches in various governorates across the country, ensuring that all farmers can benefit from this new financing opportunity.
He added that this initiative is part of the Agricultural Bank's commitment to supporting and assisting the state's efforts to improve the living standards of farmers and promote rural development in Egypt, in alignment with the goals of the "Decent Life" presidential initiative as directed by President Abdel Fattah el-Sisi.
The launch of the education expenses loan is part of the Bank's activities celebrating Farmers' Day. During this period, the bank has announced a special package of banking services and additional benefits for both its existing and new clients as part of the financial inclusion initiative for farmers from September 1 to September 15, 2023, under the sponsorship of the Central Bank of Egypt.
This reaffirms the bank's ongoing support and appreciation for Egyptian farmers, who play a vital role in achieving sustainable development and driving the national economy forward. The package includes the free opening of bank accounts (savings/current/business) with no fees or minimum balance requirements.
Furthermore, it includes the issuance of Meeza cards for free, as well as the issuance of prepaid Meeza cards at no cost. Additionally, the bank is offering free bank account opening for youth aged 16 and above, with no minimum
