Chairperson of the Egyptian Agriculture Bank El-Sayed El-Kosayer said that the board of directors of the Egyptian Company for Agricultural and Rural Development has been restructured, adding that former Beheira governor Mostafa Hadhod has been appointed as chairperson for the company.
He noted that the move aims to develop the company, being the bank’s investment arm, to maximise its role in serving Egyptian farmers and provide them with the necessary equipments.
He pointed out that the company owns a number of assets to be exploited optimally.
Hadhod holds master’s and doctorate degrees in chemical engineering of polymers and composite materials. He also received a diploma in chemical engineering from the Egyptian Military Technical College. He served as an adviser to the Minister of Military Production and as chairperson of the ministry’s Research and Development Centre.
Moreover, he was member in the general assembly of the Chemical Industries Holding Company (CIHC). He also served as professor of science and technology of organic chemistry and engineering of polymers for students of Military Technical Colleges, as well as Cairo University’s Faculty of Engineering, Zagazig University’s Science Faculty, and the Higher Technological Institute.
The Egyptian Company for Agricultural and Rural Development was founded on 5 April 2004. The Principal Bank for Development and Credit owned 22% of its capital. The remaining shares were owned by the Upper and Lower Egypt banks with 39% each.
The authorised capital of the company is set at EGP 3bn, with its paid-up capital at EGP 1.2bn.
According to El-Kosayer, the company serves as an extension to the bank in performing works related to securing and providing agricultural equipment and storing different grains, in addition to participating in spreading successful agricultural practices, permanent and continuous development of agricultural activity, and developing trade of agricultural products.
He added that the bank’s management aims to amend the activities of the company and add new ones, such as financial leasing.
He noted that the Egyptian Agriculture Bank granted the company funding to revive it, adding that it also owns large assets, which if used correctly may not need further liquidity in the future.