Latest news with #AgriculturalBankofEgypt
Daily News Egypt
18 hours ago
- Business
- Daily News Egypt
National Veal Project funding exceeds EGP 9.5bn, supporting over 44,800 beneficiaries: Agriculture Minister
Alaa Farouk, Minister of Agriculture and Land Reclamation, announced that total funding for Egypt's National Veal Project has surpassed EGP 9.5bn, providing vital support to more than 44,800 beneficiaries. The initiative has enabled the rearing and fattening of over 518,000 head of livestock, significantly boosting meat and dairy production across the country. The Minister confirmed that the project's Board of Directors recently approved EGP 275.885m in new funding. This latest allocation will support 393 additional beneficiaries, primarily small-scale breeders and young graduates, and will cover 3,929 head of livestock. With this expansion, the project's cumulative funding now exceeds EGP 9.565bn. The National Veal Project supports both meat production through calves and milk production through high-yielding heifers, aiming to improve food security and stabilize prices for red meat and dairy products. The project is part of the broader Decent Life presidential initiative, launched by President Abdel Fattah Al-Sisi to uplift rural communities and enhance the livelihoods of small farmers. Minister Farouk emphasized the project's role in ensuring the availability of affordable red meat for consumers while supporting local producers. He highlighted the ongoing field follow-ups conducted by dedicated committees from the Livestock and Poultry Development Sector and the General Authority for Veterinary Services. These efforts, in cooperation with agricultural and veterinary directorates across governorates, aim to provide comprehensive veterinary care and on-the-ground support to resolve challenges faced by project participants. Mostafa El-Sayyad, Deputy Minister of Agriculture, noted that pre-financing inspections are conducted in coordination with the Agricultural Bank of Egypt and the National Bank of Egypt. These inspections ensure beneficiaries have suitable facilities for livestock before receiving funding. Once animals are delivered, they are insured under the Livestock Insurance Fund at a subsidized rate, granting breeders access to essential support services. Tarek Suleiman, Head of the Livestock and Poultry Development Sector, encouraged interested individuals to apply through their nearest agricultural office, or branches of the Agricultural Bank of Egypt and the National Bank of Egypt, which have a wide presence across governorates. Applications can also be made directly through the Livestock and Poultry Development Sector.
Daily News Egypt
7 days ago
- Business
- Daily News Egypt
Minister Farouk urges swift activation of Agricultural Solidarity Fund
Alaa Farouk, Minister of Agriculture and Land Reclamation, chaired Tuesday the second meeting of the Agricultural Solidarity Fund's Board of Directors to finalize the fund's strategic and operational framework. Discussions focused on internal regulations, organizational structure, and accelerating the fund's activation to support Egypt's agricultural sector. Farouk emphasized the urgent need to operationalize the fund, positioning it as a key tool to protect small-scale farmers from environmental risks, enhance agricultural productivity, and boost rural incomes—cornerstones of Egypt's national food security strategy. He stressed that the fund's strategic vision must align with Egypt's Sustainable Agricultural Development Strategy 2030. Key goals include improving land and water productivity, ensuring food security for essential crops, increasing the competitiveness of local produce, enhancing the sector's investment climate, and raising rural living standards to combat poverty. The minister highlighted the fund's potential to contribute to sustainable rural development through services such as crop insurance, low-interest financing via the Agricultural Bank of Egypt (ABE) and the Agricultural Development Program, and access to comprehensive agricultural support packages. Farouk called for a broad portfolio of insurance products to safeguard farmers from pests, disease outbreaks, and climate-related risks. He also underscored the need to raise awareness among farmers about available technical and financial tools, and to strengthen ties with cooperatives and agricultural unions through a nationwide outreach campaign. He stressed the importance of aligning the fund's operations with existing ministry initiatives and national programs to ensure that smallholder farmers receive coordinated technical, financial, and insurance support. Mohamed Zakaria, Executive Director of the Fund, outlined the core components of the fund's strategy. These include crop insurance for natural disasters, low-interest loans through partner financial institutions, capacity building, agricultural extension services, market access facilitation, engagement with cooperatives, water conservation initiatives, and robust monitoring and evaluation systems. Zakaria confirmed that the fund's internal organizational structure has been completed. Coordination is currently underway with the Financial Regulatory Authority (FRA) and the Ministry of Finance to finalize its official registration. He also presented initial work plans, stakeholder contributions, targeted insurance services, and the natural hazards to be covered in the fund's first phase. To expedite the launch, Minister Farouk directed the formation of three specialized committees to oversee the fund's final preparations. These committees will focus on strategy development, financial and administrative operations, and insurance product design.
Daily News Egypt
03-05-2025
- Business
- Daily News Egypt
Agricultural Bank of Egypt offers 5-year livestock loans at 5% to support small farmers
The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with El Ammar Company for Livestock Development to provide subsidised financing to small-scale breeders and farmers for the purchase and rearing of genetically improved, high-yield livestock. The initiative is part of the state's broader strategy to develop livestock production, in line with President Abdel Fattah El-Sisi's directives to enhance meat and dairy output, close the food gap, and improve rural livelihoods. Under the agreement, ABE will offer loans at a reduced interest rate of 5%, specifically targeting small breeders and farmers in rural areas. The loans are intended to support the purchase of high-productivity cattle breeds that offer better returns in meat and milk production, contributing to national food security and economic empowerment in the agricultural sector. The agreement was signed by Ihab Mounir, Head of Business Development at ABE, and Mahmoud Magdy, Chairperson of El Ammar Company, in the presence of Sami Abdel Sadek, Acting Chairperson of ABE, and Magdy Abdel Azim, CEO of El Ammar Company, along with senior officials from both organisations. Under the protocol, ABE will provide accessible financing for the acquisition and feeding of local milking cows and buffaloes. Loans will be repaid through monthly instalments of no more than EGP 1,000 over a five-year term, with the remaining balance paid through annual instalments. A 12-month grace period will be granted at the beginning of the loan to reduce the financial burden on borrowers. El Ammar Company will supply 100 to 150 heads of cattle monthly and provide technical and veterinary support throughout the loan period. Sami Abdel Sadek described the partnership as a model for future collaborations with livestock suppliers and development firms across Egypt's governorates. He stressed that these efforts align with the state's objective to expand the use of genetically enhanced livestock known for their high milk yields—helping to uplift rural living standards and empower small farmers economically. He emphasised that livestock remains a primary source of income in many rural communities. The ABE acting chairperson noted that the bank has adopted a new livestock financing model that links lending directly to production. This shift involves moving from cash loans to in-kind financing through approved suppliers, ensuring that funds are directed towards their intended agricultural purposes. He highlighted several unprecedented facilitations, including the subsidised 5% interest rate, low monthly instalments, long repayment terms, and the one-year grace period—all designed to support breeders, expand the national livestock herd, reduce the food gap, and advance self-sufficiency in meat and dairy production. Magdy Abdel Azim praised ABE's supportive role and favourable loan terms, affirming El Ammar Company's commitment to providing technical support for the initiative across Egypt's governorates. In a related development, ABE hosted François Sergio, Minister of Agriculture and Livestock of Madagascar, and his accompanying delegation during an official visit to Egypt. The visit aimed to strengthen bilateral cooperation and explore ABE's experience in agricultural financing and support for small-scale farmers. Minister Sergio was briefed on the results of ABE's comprehensive development strategy, which has positioned the bank as a key institution in financing agricultural projects and associated services and industries. The delegation also toured several departments of the bank, including the newly inaugurated Data Centre, a cornerstone of ABE's plan to modernise its infrastructure and align with global banking standards. Minister Sergio expressed his appreciation for ABE's role in advancing agricultural development and affirmed that the visit would help transfer elements of the bank's successful model to Madagascar's financial system. He noted the potential for ABE's approach to support smallholder farmers in Madagascar, where 80% of the population depends on agriculture as a primary income source. Sami Abdel Sadek underscored ABE's developmental mission in supporting Egypt's national economy and advancing sustainable agricultural development in partnership with the Ministry of Agriculture and Land Reclamation. He welcomed cooperation with Madagascar and the opportunity to share ABE's expertise, consistent with Egypt's broader strategy to strengthen development partnerships across the African continent.
