ABE signs cooperation protocol to finance beneficiaries of state-owned lands in Minya

Daily News Egypt

3 days ago

Mohamed Abou El-Soud, CEO of the Agricultural Bank of Egypt (ABE), met with Emad Kedwany, Governor of Minya, as part of a tour by the bank's executive management across Upper Egypt governorates. The visit aimed to strengthen collaboration with local authorities to advance agricultural development, empower farmers, and attract greater investment into the sector and its associated activities. It also aligns with national objectives for food security, sustainable development, and Egypt's Vision 2030.
During the meeting, Abou El-Soud and Governor Kedwany signed a cooperation protocol to finance beneficiaries, farmers, and agricultural investors allocated land from state-owned assets. The initiative is designed to reinforce national efforts to enhance food security and establish new agricultural communities following the legalisation of previously informal landholdings.
Under the protocol, ABE will provide a tailored package of facilitated financing to beneficiaries of legalised state-owned land, in accordance with its credit policies. This support includes funding for the purchase of agricultural production inputs, machinery and equipment, well drilling, and the installation of modern irrigation systems. The objective is to boost productivity among smallholder farmers, expand land reclamation, and maximise land value by formally integrating it into the national economy.
As part of the visit, the two officials also attended a ceremony marking the delivery of 130 microbuses in Minya, under the second phase of a vehicle replacement initiative. This programme targets old pickup trucks previously used for passenger transport, replacing them with modern microbuses financed by the bank. The goal is to improve the public transport network in the governorate, offering safer, higher-quality services in rural villages and contributing to a better quality of life for residents.
Abou El-Soud emphasised the importance of replacing outdated pickup trucks with safer microbuses to improve commuting between villages and cities. He noted that the programme is backed by accessible financing solutions featuring attractive benefits, low annual interest rates, and repayment over seven years in equal monthly instalments. He praised the strong cooperation between the bank and the governorate, highlighting their shared commitment to enhancing the bank's role in agricultural and rural development and improving living standards across Minya.
He added that through this initiative, the bank offers unprecedented loan facilities and flexible terms that support social protection for vehicle owners, increase their income, and help them comply with traffic regulations and local directives. The broader aim is to gradually eliminate unsafe pickup trucks from passenger transport, providing residents with more secure and comfortable alternatives. Additionally, the environmental benefits are significant, as the new microbuses operate on dual fuel (natural gas and gasoline), aligning with Egypt's national strategy for cleaner energy and environmental sustainability.
Governor Kedwany described the initiative as a transformative step for the public transport system in Minya, calling it the culmination of a comprehensive plan launched in February to modernise transport services. The project aims to provide residents of Minya with modern, safe, and dignified transportation options that safeguard their rights and wellbeing.
He noted that the initiative is already showing positive results, with official figures indicating a 40% decrease in accident rates in recent months. Importantly, Minya recorded zero pickup truck-related accidents during April and May, following the enforcement of a ban on using such vehicles for passenger transport. Kedwany described this as clear evidence of the programme's success and its effectiveness in protecting lives.