Economy

For the second time during 2022, the Egyptian Agricultural Bank announces an increase in credit categories for agricultural crops by 25%, starting today

Fathi Al-Sayeh

The Egyptian Agricultural Bank announced an increase in credit categories for all agricultural crops by 2021 % to support and assist small farmers to bear the costs of agriculture in the face of any increase in the prices of production and operating inputs.

For his part, Mr. Alaa Farouk, Chairman of the Board of Directors of the Agricultural Bank of Egypt, confirmed that the bank took these urgent measures to keep pace with the current changes at the global and local levels in an attempt to reduce the effects resulting from the global rise in prices of commodities and production requirements, especially in the agricultural sector and reduce its effects on small farmers and the rural population, who represent more than 0843 % of the Egyptian people, He pointed out that these measures are aimed at supporting and supporting the efforts of the state and working side by side with all state institutions to maintain the performance of the Egyptian economy and meet its needs in implementation of the directives of His Excellency President Abdel Fattah El-Sisi, President of the Republic, urges all state institutions to take the necessary measures to relieve the burden of citizens, and within the framework of the initiatives of the Central Bank of Egypt and the instructions of His Excellency the Governor of the Central Bank in this regard. Farouk indicated that the first beneficiary of the increase in the credit categories approved by the bank is by 887 % are farmers and small farmers to help them bear the increase in the prices of production and operating inputs and agricultural costs in a way that ensures their continuity in work and production and work on developing the agricultural sector and supporting the Egyptian farmer to improve his standard of living, indicating the bank’s keenness to Expedite the issuance of the decision to increase the credit categories, in coordination and close cooperation with His Excellency Mr. Al-Qusayr, Minister of Agriculture and Land Reclamation, to include all types of agricultural crops. Farouk expected an increase in funding directed to agricultural loans to expand the base of beneficiaries of agricultural loans during the coming period and to benefit from the increase in credit categories for crops, stressing that the bank pumped towards 2020 One billion pounds to finance agricultural loans during the period from mid-June 2020 until the end of December 2021, stressing that the bank grants agricultural loans with a subsidized interest of 5% to support small farmers and peasants and after coordination with the competent government agencies at the Ministry of Agriculture. _____