Egypt : ABE Chairperson explores finance schemes for agricultural projects in Toshka
- 28 October 2020 / News / 187 / Emerging Africa
Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), accompanied by the bank’s Vice-Chairperson Sami Abdel-Sadik, and Chief Credit Officer Saleh Al-Shami, and other ABE officials paid a field visit to the Toshka area in New Valley governorate.
During the visit, the bank representatives visited a number of major agricultural projects and livestock and poultry production projects to review the latest developments in these projects. They also took the opportunity to discuss ways to support and finance them, and to present the initiatives and financing programmes provided by the ABE to support the agricultural sector.
Farouk said that the ABE’s field visits to inspect agricultural projects across Egypt aim to provide full support and financing for these projects. They also come in implementation of President Abdel Fattah Al-Sisi’s directives to maximise the preferential advantages enjoyed by the agricultural sector.
It also aims to achieve the maximum possible return from agricultural production in accordance with the state’s efforts to encourage investors and increase the volume of investments and the consequent provision of new job opportunities. This comes in addition to the comprehensive development of the national economy.
He said that the Toshka project is one of the promising national projects that the state relies on for increasing Egypt’s agricultural area, and contributing to increased agricultural production.
This takes into account that it includes agricultural projects built on thousands of acres, which prompted the ABE to initiate contact with the project owners. The two sides will discuss methods of cooperation, consult on ways of developing those projects, and discuss how to overcome all obstacles to achieve the highest growth rates in investments directed to the agricultural sector.
Farouk emphasised that the ABE would spare no effort in supporting Egypt’s agricultural sector, and provide all elements of success for this sector, given its great importance in supporting the national economy.
For his part, Abdel-Sadik indicated that the tour resulted in a number of positive results, including the agreement to formulate financing programmes to provide the best solutions regarding the financing needed to expand a number of the projects visited.
This comes in addition to providing the necessary financing for a number of agricultural industrialisation projects, to achieve the Egyptian government’s goal of increasing the country’s agricultural area. This would also ensure that the latest modern methods of agriculture can be applied in Egypt’s agricultural sector.
Abdel-Sadik added that the bank has also agreed to strengthen its role in supporting livestock and poultry production projects in accordance with international standards.
The bank also aims to provide the necessary financing for advanced agricultural mechanisation and modern irrigation systems. As part of this, the ABE will additionally expand the use of solar energy in the agricultural field in a way that contributes to maximising the use of the state’s natural resources.