Banks

With a capital of 500 million pounds.. The Agricultural Bank: the establishment of the Ard Misr Company for Silos, in cooperation with the Ministry of Supply, to open outlets for the sale and marketing of commodities

Fathi Al-Sayeh and Iman Al-Wasli

signed The Agricultural Bank of Egypt, an agreement with the Egyptian Holding Company for Silos and Storage and the General Company for Silos and Storage, to establish a company under the name Ard Misr for Silos and Storage, with an authorized capital of 423 one million pounds in the presence of Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, according to a bank statement. Logistics zones and other activities that are linked to it through it or in partnership with others. Or to a third party and other related activities in a way that achieves the objectives of the company, in addition to opening outlets for selling, marketing and distributing goods and products, as well as storage work, especially grain, especially wheat, as it is one of the important strategic commodities that the state cares about to preserve it.

The Minister of Supply and Trade, Dr An obligation on the partners of the need for close cooperation to manage the assets well in order to achieve profitability that ultimately serves the citizen and maintains the availability, circulation and marketing of goods for the good of the state.

Major General Sharif said Basili, Chairman of the Board of Directors of the Holding Company for Silos and Storage, that the authorized cash capital of the company is worth 423 million pounds, and the issued capital is worth 50 million pounds. % for the Holding Company for Silos and Storage, 40% for the Agricultural Bank of Egypt, 15% of the General Company for Silos and Storage as a first stage.


He added that the second stage includes Contributions of the holding company by 82 Hangar and the Agricultural Bank by 45 Shuna, And the third stage includes the contributions of 6 mineral silos, 3 field silos, and 9 plots of land, after adjusting their ownership statuses by the Egyptian Agricultural Bank – the General Authority for Supply Commodities.

Alaa Farouk, Chairman of the Board of Directors of the Egyptian Agricultural Bank, said that cooperation N. And coordination between the Bank and the Ministry continues to achieve successful partnerships, as the Bank has assets that will be managed and utilized optimally, which will benefit all concerned parties, especially in warehousing and logistical activities in cooperation with the Ministry of Supply represented by the Egyptian Holding Company for Silos and Storage, and the General Company for Silos And storage

He emphasized the efforts made by the Ministry of Supply to preserve its assets, especially silos, after increasing the storage capacity of wheat to 3.6 million tons.