ABE keen on supporting state's efforts to develop Upper Egyptian governorates: Chairperson

EGP 233m allocated to finance agricultural associations in Aswan

Alaa Farouk — Chairperson of the Board of Directors of the Agricultural Bank of Egypt (ABE) — stressed the bank's keenness to contribute to supporting the state's efforts in developing the governorates of Upper Egypt at all levels.
Moreover, the bank is opening new horizons for investment and stimulating production in the governorates of Upper Egypt, as well as expanding agricultural loans of all kinds with great facilities.
The ABE is also contributing to supporting and financing national initiatives and projects to support agricultural and livestock production and small and micro enterprises.
Furthermore, Farouk referred to developing the role of the bank in achieving rural development by contributing to achieving the goals of the Decent Life Presidential Initiative, adding that it provides all banking and financial services and other initiatives aiming to provide job opportunities and improve the standard of living of Upper Egyptian residents in implementation of the directives of President Abdel Fattah Al-Sisi.
He also stressed that the ABE pays special attention to border and remote governorates, including Aswan, which has recently received unprecedented interest in the funding granted by the bank to development projects — especially in the agricultural and rural development sectors — as a result of joint efforts and close cooperation between the governorate and the ABE.
Additionally, Farouk pointed out that the bank recently re-settled the debts of 629 clients in Aswan worth EGP 26m and helped them return to the banking system. It also waived all the lawsuits against them.
The bank also granted EGP 233m to finance the productive activities of agricultural associations, mostly for sugar cane farmers in the governorate.
Furthermore, he revealed that the bank financed the livestock sector in the governorate with about EGP 104m, benefiting 1,351 clients, including EGP 11m to support the national project for the revival of veal, which has 144 beneficiaries.
He also noted that the bank is working to contribute to developing livestock by improving breeds to increase meat and dairy production in permanent coordination with the Ministry of Agriculture and Land Reclamation. The ABE is also working to expand granting agricultural loans and advances at 5% interest to motivate farmers to work and produce.
The bank has been witnessing much development recently, whether in its infrastructure or the level of quality of its banking services. According to the chairperson, the ABE is also currently working on renovating 31 out of 36 of the bank's branches in Aswan, adding that two branches have already re-opened after being renovated.
He also said that the bank has provided the necessary financing to support several small, medium, and micro enterprises for young people, which provide job opportunities and contribute to improving the incomes of people in Upper Egypt by supporting small-scale traders, craftsmen, and rural women, and helping them launch their projects.