Agricultural Bank of Egypt Empowers Small Enterprises at Our Heritage Exhibition

The Agricultural Bank of Egypt concludes its participation in our heritage exhibition, emphasizing its developmental role in supporting small and micro enterprises. The Agricultural Bank concluded its outstanding participation in the Our Heritage Exhibition for handicrafts and heritage organized by the Medium, Small, and Micro Enterprises Development Agency.

The exhibition took place from October 8 to 14 at the Egypt International Exhibition Center, with the participation of around 1,116 exhibitors representing more than 32 heritage crafts from various parts of the country.

The bank was the official sponsor of the exhibition, demonstrating its commitment to providing comprehensive support to small and micro enterprises, reaffirming its developmental role as one of the largest banks financing these activities. These enterprises serve as the nucleus for national economic growth, providing employment opportunities for youth and empowering women, thereby contributing to economic and social development.

The bank's booth received significant attention from participants and visitors, seeking information about financial opportunities and incentives offered by the bank to support small and micro enterprises, encouraging entrepreneurship and launching new projects. This initiative aims to provide employment opportunities for various segments of society, thereby enhancing the national economy.

Additionally, the bank played a vital role in supporting traditional crafts to preserve and develop them, contributing to the preservation of national identity and cultural heritage.

Moreover, the exhibition served as an opportunity to showcase the Agricultural Bank's efforts in financing medium, small, and micro enterprises, constituting approximately 64% of the bank's loan portfolio as of September 2023. The funding for these activities amounted to around EGP45.025 bn, benefiting 546,015 clients (individuals and companies).

This success highlights the bank's strategic objectives in supporting and financing this sector, given its significance in bolstering the national economy, particularly in rural areas.

The bank's extensive network of over 1,100 branches enables it to reach small and medium-sized enterprises in cities, villages, and remote areas, making it one of the most widely accessible banks in the country.

The Microfinance Program (Bab Rizq) garnered significant interest from the exhibition attendees, offering small loans of up to EGP15,000 at low interest rates and easy procedures. This initiative provides an ideal opportunity for individuals interested in crafts, freelance professions, and handmade industries. Participants who benefited from Bab Rizq can expand their businesses by increasing their funding up to EGP50,000.

Bab Rizq aims to empower women and youth to create new and sustainable income sources, improving the living standards of a broad segment of rural residents, aligning with President Abdel Fattah El-Sisi's efforts to enhance the quality of life in villages and ensure a decent life for their inhabitants.

The bank also organized outreach events in villages and towns across all governorates to directly engage with the community, introducing them to the Bab Rizq program. This initiative encourages rural citizens to take advantage of the financial opportunities and small loans offered by the bank, opening new avenues for them to improve their livelihoods and meet their living requirements.

During the exhibition, the Bank highlighted its strategic collaboration with the Medium, Small, and Micro Enterprises Development Agency, representing a successful model of integration among state institutions to achieve sustainable development and support the national economy.

The financial contracts signed between the bank and the agency amounted to approximately EGP 3.583 bn, fully utilized to finance around 160,000 small and micro projects across various sectors. The latest financing of EGP 60 mn supported micro-projects for women as part of the "Egyptian Family Development" initiative, significantly contributing to the development of rural communities.

Furthermore, the bank effectively utilized its exhibition participation to raise financial awareness among attendees, particularly women, assisting them in accessing financial products and services tailored to their diverse needs. This approach contributes to women's financial independence, enabling them to launch small and micro enterprises, providing a source of income and enhancing family livelihoods.