Agricultural Bank of Egypt financing portfolio grows significantly by 104%
First Bank
There was a significant growth in financing of Agricultural Bank of Egypt since Alaa Farouk took over the executive leadership in February 2020.
The bank's portfolio jumped by about 104.12%, reaching EGP69.4 bn at the end of the first half of 2023, compared to EGP 34 bn at the end of February 2020, indicating an increase of approximately EGP 35.4 bn.
These substantial portfolio increases were achieved through the Egyptian Agricultural Bank's development strategy, restructuring of its sectors, and new credit policies connecting financing to production and serious projects.Additionally, the bank received significant support from CBE.
Under Farouk's leadership, the bank played a crucial role in financing agricultural projects and related industrial activities, stimulating investments in the agricultural sector to enhance production and achieve food security for the citizens.
The bank's efforts also supported productive sectors by expanding financing for major, medium, and small-scale projects.
The bank's recent data shows that around 80% of the credit portfolio at the end of June last year was directed towards financing the agricultural sector and its related industries.
The bank doubled the financing directed towards agricultural crop production, benefiting small-scale farmers with a return of 5%.
Furthermore, Agricultural Bank financed 119 large companies operating in the agricultural sector and related activities, with a total financing of about EGP 12.421 bn at the end of the first half of 2023, compared to EGP7.886 bn at the end of June last year.
Additionally, the volume of loans for financing medium, small, and micro-sized activities and projects increased to about 64% of the loan portfolio, reaching approximately EGP 42.842 bn at the end of June 2023.
Portfolio for micro-sized activities at the end of June 2023 included around 436,012 clients, both retail and corporates, who received financing totaling EGP32.221 bn.
