Egypt agriculture ministry raises lending to 50% of cost

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ArabFinance: The Agricultural Bank of Egypt approved increasing the lending value of the corps’ cost to support farmers, Egypt’s Ministry of Agriculture and Land Reclamation el Sayed el Quseir announced.

All loan schemes will have an increase ranging from 20% to 50%, based on the cost rate of corps.

It is noteworthy that Egyptian farmers receive a reduced interest of 5% annually to finance horticultural purposes for plants and corps.

The government supports this type of financing by 7% or about EGP 500 million. In addition, Egypt has several lending schemes with a reduced rate of interest.

It is worth noting that on March 24^th, the Central Bank of Egypt’s (CBE) decided to postpone loan repayment for farmers.

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