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ABE backing development of Upper Egypt, Decent Life initiative
Board Chairman of the Agricultural Bank of Egypt (ABE) Alaa Farouq underlined the bank’s keenness on contributing to state efforts for developing Upper Egypt at all levels.
He said the bank seeks to promote investment opportunities in the agricultural domain and relevant activities.
It also backs small farmers and producers to raise people’s standards of living and improve the quality of life in Upper Egypt villages and cities to achieve comprehensive sustainable development in line with directives of President Abdel Fattah El Sisi.
The Central Bank of Egypt under Governor Tareq Amer is also supporting this trend.
He made the remarks in press statements marking the launch of “the Upper Egypt week” for announcing mega national projects being implemented in Upper Egypt.
He noted that the bank is offering unprecedented facilities for all kinds of agricultural loans to boost investments in Upper Egypt.
The bank is keen on supporting and financing initiatives and national projects which aim at boosting agricultural and animal wealth, including the initiative for transitioning to modern irrigation systems, developing milk collection centers and solar energy, and bankrolling small and micro enterprises.
The bank also plays a key role in achieving rural development through contributing to attaining the goals of the presidential initiative for Decent Life for developing the countryside.
The bank is offering all needed banking and financing services for implementing Decent Life and other initiatives that contribute to improving living conditions of people in Upper Egypt.
He stressed that the volume of loans granted in Upper Egypt during 2021 amounted to about 26 percent of the volume of the credit portfolio as a result of expansion in granting finance in the governorates of Upper Egypt, where the loans portfolio rose to about EGP 14.2 billion at the end of November 2021, with growth rate of about 50 percent compared to last year. The total loans allocated to support plant production in Upper Egypt governorates during 2021 stood at about EGP 2.863 billion, including EGP 1.6 billion to enhance the production of the sugar cane.
The bank has also earmarked loans at about EGP 1.2 billion for the National Veal Project in Upper Egypt, he said, noting that about 7,800 clients benefited from these loans.
He said the bank is harnessing its potentials to implement the presidential initiative of Decent Life to develop the countryside, with special focus on the Upper Egypt governorates. The initiative also contributes to securing jobs, improving people’s living conditions, and achieving financial inclusion.