The Agricultural Bank of Egypt (ABE) has set up a temporary branch in the Egyptian Countryside Development Company’s first service area located in South Alamein’s Moghra area.
ABE Chairperson Alaa Farouk said that preparations are taking place for its opening as soon as possible, in order to start receiving clients, including investors and beneficiaries of the 1.5m feddan project.
This comes as a prelude to the establishing of a permanent branch in the area in the upcoming period.
Farouk said that the temporary branch will provide all banking and financing services to all investors and beneficiaries of the 1.5m feddan project in Moghra.
It comes as part of the ABE’s keenness to provide its banking and financing services in the new development areas, in an effort to reach all clients to achieve sustainable development.
He added that the permanent ABE branch will include a centre for entrepreneurship, to help farmers and project owners succeed in their projects. The centre will provide support services in agricultural studies, research and feasibility studies, in addition to agricultural extension services and other means of support for these projects.
Farouk’s comments came during his visit to the Moghra area, which includes 260,000 feddan of the 1.5m feddan project, to inspect the progress of work.
The aim is to activate the cooperation protocol the bank signed with the Egyptian Countryside Development Company last week. The protocol aims to support and finance projects and beneficiaries of the national project for the reclamation of 1.5m feddan.
During the visit, Farouk met with a group of investors, farmers and youth benefiting from the project. They discussed the means of support and financing for their projects, with Farouk adding that the bank seeks to provide all facilities to them to ensure their projects are successful and achieve the project’s goals.
Farouk also reviewed the financing programmes and initiatives provided by the bank to support the purchase of agricultural production supplies, fertilisers, modern agricultural mechanisation, and modern irrigation systems.
These initiatives also include financing drilling wells and establishing solar energy stations that will be used in irrigation and agricultural production. This comes in addition to financing animal, poultry and fish production, and other financing initiatives launched by the Central Bank of Egypt (CBE) to support the agricultural sector, livestock production and other relevant activities.
Farouk said that he witnessed up close the volume of the project’s achievements, which are being implemented at an accelerated pace. These are in addition to the efforts made by all the land users to develop their projects.
He added that financing the beneficiaries of 1.5m feddan reclamation project will contribute greatly to facilitating the success factors for this national project.
It aims to create integrated agricultural communities in the areas of Moghra, West Minya and its extension, the ancient Farafra area, as well as the wells of Toshka, Al-Tor, and other areas of the project.