Agricultural Bank of Egypt enhances its support to investment during H1-2024

The Agricultural Bank of Egypt has strengthened its support to finance projects of all kinds, whether large, medium or even micro, with particular emphasis on the agricultural sector in all its productive areas to achieve agricultural and rural development, as part of its ongoing efforts to stimulate investment in the agricultural sector and related activities.

The business results of the Bank reflect the remarkable progress that the Agricultural Bank of Egypt has seen in this file, where the volume of the loan portfolio rose to EGP 75.27 bn by the end of June 2024, compared to about EGP 69.4 bn by the end of June 2023, with an increase of EGP 6 bn during the first half of this year.

Loans directed to finance the agricultural sector and related industries accounted for about 80% of the size of the credit portfolio during the first half of this year as the Bank doubled the amount of financing for the production of agricultural crops received by smallholder farmers with a return of 5%.

Loans portfolio for agricultural crops was about EGP 23.8 bn, while in the first half of this year, granting loans were about EGP 8.961 bn, totaling 95.433 agricultural loans.

This is a result of the desire of the Bank to improve the standard of living of smallholder farmers and enhance their productive capacities by increasing the credit categories of agricultural crops between 25% - 70% to help farmers cope with the dramatic rise in production costs and supplies.

The Bank has also achieved significant growth in the volume of loans to finance SMEs in its effective role in supporting and encouraging all productive sectors to promote domestic production.

Small-seized corporates’ financing increased to EGP 6.733 bn, providing support to EGP 6,202 corporates. In contrast, medium-sized corporates’ financing amounted to EGP 5.573 bn in favour of 176 corporates, and EGP 1.843 micro-seized corporates were supported by loans valued at EGP 435.27 million by the end of the first half of 2024.

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