The Agricultural Bank of Egypt (ABE) has signed a cooperation protocol with the World Food Programme (WFP) – the food-assistance branch of the United Nations – with the aim to support and develop agricultural development projects and provide the necessary financing for the owners of these projects in the rural areas. The protocol aligns with the Egyptian government’s strategy to assist vulnerable citizens.
The ABE’s Chairperson ElSayed ElKosayer said it comes as part of the bank’s efforts, as one of the qualified financial institutions in the agricultural field, to support and finance development projects. The bank looks forward to support projects affecting Egyptian farms and farmers in villages and rural areas, through the largest bank branch network in the country with several financing plans that meet all the projects’ funding needs.
He explained that the expected areas of cooperation with the WFP include the expansion of its expertise in managing the efforts exerted throughout the governorates of Upper Egypt. It also aims to enhance them through ABE’s financial umbrella that take the form of credit facilities to small and medium enterprises and adopt new technological means in field tasks related to irrigation and other phases of agriculture.
ABE shall also assist in introducing various forms and methods of modern technology, such as the construction of solar panels at different locations to improve water resources practices.
ElKosayer pointed out that the WFP will also nominate eligible projects that need funding to implement their development, while providing training opportunities for entrepreneurs, in order to increase awareness and training in managing their projects.
He added that the ABE will provide financing services to the owners of the projects, in order to contribute to the financing of their projects, within the framework of multiple financing programmes in the bank, and the conditions and controls specified in each financing programme.
The ABE will also raise bank awareness by participating in the WFP’s training seminars for beneficiaries, as well as providing small farmers with electronic solutions that will facilitate their integration into markets and achieve greater financial inclusion.