Latest in Tag: ABE Highlight
Latest in Tag: ABE
Bank plans to expand branch network to 2,000 branches over 5 years: Chairperson Farouk
This is considered a record period compared to the challenges facing the installation and operation of ATMs, especially in villages.
Deposits up EGP 15bn from March 2020 through April 2021
Approval from CBE raises lending portfolio for this project to EGP 3bn, says ABE Chairperson Alaa Farouk
Bank allocates 70% of loans to agricultural SMEs, says Chairperson Alaa Farouk
Bank sees huge increase in loan portfolio to EGP 44.5bn in 2020, of which EGP 31bn directed to MSMEs, says Alaa Farouk
Initiative includes EGP 3.9bn for principal debt and EGP 2.4bn for accumulated returns
Bank agrees to finance agricultural, livestock production projects, and to apply modern irrigation systems in Minya, says Chairperson Alaa Farouk
Permanent branch in same area to be set up soon and include entrepreneurship centre, says Chairperson Alaa Farouk
Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.
Farouk said that the ABE’s field visits to inspect agricultural projects across Egypt aim to provide full support and financing for these projects. They also come in implementation of President Abdel Fattah Al-Sisi’s directives to maximise the preferential advantages enjoyed by the agricultural sector.
Financing programme for needy families, rural women, and craftsmen to be launched soon
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