Minister of Agriculture and Land Reclamation, Elsayed Elkosayer, has announced that the Agricultural Bank of Egypt (ABE) will provide more financing for farmers and crops, with a total of about EGP 7bn per year, supported by the state with EGP 500m annually.
Elkosayer said, on the occasion of Farmer’s Day, that the ABE will also help farmers and peasants who have outstanding debts by postponing their installments. He added that about 330,000 farmers benefited from this initiative, with a total debt of EGP 9bn.
The ABE offers various financing programs for individuals and companies in the agricultural and livestock sector, such as loans for crops, livestock, veal, dairy collection centers, agricultural mechanization, and others. The bank also finances land reclamation, greenhouse cultivation, solar energy, and agro-based industries. The bank aims to encourage production and development in the agricultural sector and support the state’s sustainable development strategy.
The bank also plays a key role in rural development and participates in the presidential initiative “Decent Life” to improve the living conditions of the villagers. The bank supports micro-enterprises and empowers women and youth to create job opportunities. The bank also develops its branch network in the countryside to offer better banking and financing services.
Elkosayer stated that the funding for the national veal project reached EGP 8bn for 43,000 beneficiaries, with a total of 500,000 heads of livestock.
He also said that the “Falah Card” system has been completed in cooperation with the ABE in all governorates of Egypt. The card helps farmers access their subsidies and benefits easily. The card has been upgraded to a Meeza card, which facilitates financial inclusion. He added that if the card is lost or damaged, it can be replaced within 15 days from the nearest ABE branch.
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