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ABE has provided about EGP 120m in finance to 300 projects under Agriculture Ministry, says Alaa Farouk
Bank has issued about 1.6m Meeza cards and 85,000 smart cards to farmers, says Alaa Farouk
The protocol will also facilitate the establishing of poultry farms and slaughterhouse projects, as part of the state and Central Bank of Egypt (CBE) initiative to fund small projects with 5% declining interest rate.
The protocol was signed by Alaa Farouk Zaky, Chairperson of the bank and Moustafa El Sayyad, Deputy Minister of Agriculture for Livestock, Fisheries and Poultry Affairs.
El Kosayer worked to restructure the Industrial Development and Workers Bank of Egypt in 2011 then moved in April 2016 to lead the Principal Bank for Development and Agricultural Credit and turned it into the Agricultural Bank of Egypt (ABE).
Bank pumped EGP 19bn to about 900,000 SMEs
It’s part of bank’s efforts to support, finance development projects, especially in rural areas, ElKosayer
This platform recognises the ABE’s role in the digital transformation in Egypt, Chairperson of the ABE Elsayed Elkosayer said.
Bank is targeting to issue 2.5 million Meeza cards in three years
Bank embarked on comprehensive restructuring, development process based on extensive support received from CBE
NBE, Banque Misr, Banque du Caire, CIB, ABE issued these cards free of charge for six months
Troubled debts up to EGP 4bn to be settled over nine months, including EGP 929m for 11,404 clients in CBE, says El Kosayer
NBE, Banque Misr, Banque du Caire, ABE started offering certificates in March 2018
‘We aim to increase bank’s role in microfinance, financial inclusion, expand e-payments’: Elkosayer
Assembly decision last measure to complete implementation of Law 84 for merger of Upper, Lower Egypt banks into main bank: Elkosayer
Bank pumped EGP 605m to 1,314 clients in CBE’s initiative, says Elkosayer
Bank aims to provide new mobile payment channels in line with technology, latest solutions: Elkosayer
Animal production projects receive 25% of portfolio, 20% for mechanisation projects, 25% individual, consumption, workers’ loans, says ElKosayer
Bank’s cooperation with Misr El Kheir Foundation’s Ard El Kheir amounted to EGP 310m injected to 740 beneficiaries to raise 14,740 cattle: Elkosayer
We addressed 26,000 defaults in EGP 1.5bn debts, settled 2,700 worth EGP 175m, says Elkosayer
Contracts signed between SMEDA, ABE since 1992 reached EGP 2.8bn
Protocol will allow both parties to implement marketing packages serving agricultural community, says Gomaa
We aim to inject EGP 3bn to finance small and micro enterprises, says Gamea
Aman certificates’ outcome confirmed bank’s role in supporting state plan of financial inclusion, says Elkosayer
Agreement aims to benefit ABE from experiences of Dutch Rabobank in supporting comprehensive reform, development plan, says Elkosayer
Bank’s bad debt portfolio declined to 13% of total loan portfolio, aims to reduce it to 10% by end of 2018, says Elkosayer
Bank will fund these projects within framework of its role in achieving rural, agricultural development
We are racing against time to completebank’s restructuring process, prepare it to take on a bigger role in serving national economy across various fields: Elkosayer
Bank offered loans to 2,158 customers to feed, fatten 22,400 cattle nationwide, intends to inject further EGP 200m in project soon
We have other requests worth EGP 88m, sales mostly of EGP 500, EGP 2,500 certificates, says ElKosayer