Agricultural Bank of Egypt Empowers Rural Communities Through 'Bab Rizq' Microfinance Initiatives

Today, caravans of "Bab Rizq" launched in Al-Gharbia Governorate, initiated by Agricultural Bank of Egypt in all villages and centers across the Republic, aiming to support and assist citizens, encouraging them to benefit from financial opportunities and small loans for micro-enterprises.

This initiative aims to open new avenues of livelihood and improve their living standards to meet the requirements of life, in line with President Abdel Fattah El-Sisi's directions for concerted efforts to enhance citizens' quality of life, achieve sustainable development, and realize Egypt's Vision 2030.

The Agricultural Bank's youth focus specifically on introducing Bab Rizq microfinance program in villages like Nahtai and El-Dababsha in Zefta Center. This program targets empowering women, youth, and small farmers by providing easy access to small loans up to EGP15,000 with simple interest rates and procedures.

Bab Rizq offers an ideal opportunity for those interested in crafts, freelancing, handmade industries, and trade, providing new and sustainable sources of income to enhance the living standards of a wide sector of rural residents. These caravans also aim to raise awareness about the banking services offered by the bank, promoting financial inclusion by educating people about electronic payment methods.

During these caravans, the bank issues free Meeza cards for villagers to encourage them to use electronic payment cards, aligning with the bank's efforts to expand its network of ATMs across the Republic.

Bab Rizq is one of the essential financial initiatives provided by the bank, requiring only a personal identification card and a utility bill for artisans, freelancers, and housewives to utilize their skills in independent businesses that generate profits and gains. Upon the success of these ventures and their desire to expand, the bank continues to support them by providing new funding of up to EGP 50,000 with the same straightforward procedures.

Through these caravans, the bank collaborates closely with state institutions, contributing significantly to the implementation of the presidential initiative "Decent Life" to develop villages. The bank plays a vital role as one of the specialized development banking institutions in achieving agricultural, rural development, and improving income levels.

Its efforts include expanding the provision of financing for agricultural, productive, and rural activities in villages, enhancing and increasing banking services in all villages, aiming to achieve financial inclusion and contribute to providing employment opportunities for rural residents.