The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with Elsewedy Watanya for Industrial and Engineering Projects, under the auspices of the Ministry of Agriculture and Land Reclamation. The agreement is designed to provide essential financing to farmers and companies engaged in land reclamation and agricultural projects for the purchase of modern irrigation systems. This initiative focuses on the "Delta Pivot" smart irrigation devices, manufactured by Elsewedy Watanya as the first Egyptian company to produce these advanced systems. The protocol seeks to stimulate investment in the agricultural sector, promote the adoption of modern irrigation techniques, and support the role of the private sector in enhancing local industries that contribute to the agricultural sector. The protocol was signed by Saleh El Shamy, CEO of Credit at ABE, Ahmed Awda, Chairperson of Elsewedy Electric, and Hani Hegazy, Chairman of the General Authority for Reconstruction Projects and Agricultural Development, with Sami Abdel Sadek, Acting Chairman of ABE, attending along with several leaders from the bank, company officials, and representatives from the Ministry of Agriculture. During the signing ceremony, Sami Abdel Sadek emphasized ABE's dedication to supporting and encouraging productive sectors to create a competitive national industry capable of thriving in the local market and replacing imported alternatives. He praised Elsewedy Watanya for becoming the first national company to manufacture "Delta Pivot" irrigation devices with a local component. This achievement contributes to reducing the import bill and easing demand for foreign currency. Abdel Sadek explained that the protocol will help stimulate investment in the agricultural sector, benefiting small farmers, agricultural associations, and participants in new development projects. He highlighted the importance of modern irrigation systems in addressing water challenges, noting that such systems can reduce water consumption by up to 50%, bridging the gap between water resources and current agricultural demands. "The shift to modern irrigation systems is now a necessity, not a luxury. This transition is expected to increase crop productivity by 30-40% and improve quality," said Abdel Sadek. He also expressed his gratitude to the Ministry of Agriculture and Land Reclamation, led by Alaa Farouk, for sponsoring the protocol and supporting Egypt's agricultural sector and its farmers.
Ahmed Awda, Chairperson of Elsewedy Electric, reflected on the vision of President Abdel Fattah El-Sisi to localize the pivot irrigation industry in Egypt. Through collaboration with the National Service Projects Authority, Elsewedy Watanya established the first factory to produce pivot irrigation devices with a 70% local component. Within two years, the company successfully supplied around 2,000 pivot devices for agricultural projects in East El-Oweinat and new development areas, saving more than $150m in import costs and reducing water consumption by 60%. Awda commended ABE for its continued support of the agricultural sector, noting that this protocol is the first of its kind for Elsewedy Watanya, underscoring the bank's vital role in financing the agricultural sector and facilitating the transition to modern irrigation systems. He added that this partnership is set to foster further cooperation between the company and the bank, paving the way for future agricultural advancements. Hani Hegazy, Chairperson of the General Authority for Reconstruction Projects and Agricultural Development, underscored the importance of modernizing irrigation systems as a key priority for the Ministry of Agriculture and Land Reclamation, in line with national directives. He highlighted the numerous benefits of modern irrigation, including reduced operating costs, fuel consumption, and the use of fertilizers and pesticides, ultimately increasing production yields. Hegazy explained that the protocol would support the agricultural development strategy, expanding land reclamation projects. The collaboration between ABE, Elsewedy Watanya, and the Ministry of Agriculture will enable the launch of agricultural initiatives, with the Ministry providing land, expertise, and technical support for these projects.
