The Chairperson for the Agricultural Bank of Egypt (ABE), Alla Farouk, has declared that the bank is taking strategic steps to suit the needs of farmers by assisting them financially as agriculture is the primary source of development in the country.
According to him, farmers who own a plot of agricultural land are eligible for plant production loans or agricultural advances at 5 per cent interest. This, he said, would help alleviate the costs of agriculture and meet the country’s requirements to plant and harvest.
Mr. Farouk said that “We also encourage them to convert their traditional irrigation systems to modern irrigation ones using annual instalments without interest for ten years, and the state will bear the entire interest on farmers’ behalf to increase production and profits, improve crops, and save water wasted using old irrigation systems.”
In furtherance to his speech, he pointed out that any farmer who wants to venture into livestock farming is eligible to apply for the livestock loan at an interest rate of 5 per cent.
He indicated that ABE will do its best to make use of desert lands by supporting individuals and large companies to reclaim and cultivate several acres of land and provide all financial needs associated with the reclaiming and cultivation of the land.
He stressed the fact that 2022 will mark a new beginning for the Agricultural Bank, as it looks forward to a secured future with its key foundation on work and production, to ensure food security, generate more income, improve the standard of living for both farmers and citizens and help to build the new republic.
He further added that ABE is committed to launching and sponsoring several targeted social programmes, which is in line with the country’s comprehensive development plan about areas of social and environmental development and health care.
Mr. Farouk revealed that the bank attaches great relevance to community development efforts thus the bank has distinguished itself to achieving sustainable development in the country with a key focus on the agricultural sector.
“Farmers who own a plot of agricultural land are eligible for plant production loans or agricultural advances at 5 per cent interest rate”
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