Chairperson of the Agricultural Bank of Egypt (ABE) Alaa Farouk said that supporting and financing innovative start-ups and small and medium projects implemented by young entrepreneurs is one of the most important objectives of the ABE.
This is in implementation of the directives of President Abdel Fattah Al-Sisi and comes within the framework of the Central Bank of Egypt’s (CBE) initiative to finance youth projects with 5% interest.
He also stressed the bank’s interest in developing the agricultural sector in Upper Egypt and providing all means of support to achieve this goal.
Farouk’s statements came on the side-lines of the graduation ceremony of 70 start-ups from the ‘Tanmeya wa Tatweer’ business incubator in Upper Egypt and the New Valley. It is the first agricultural business incubator in Egypt and is implemented by the Entrepreneurship Centre at the Arab Academy for Science, Technology, and Maritime Transport and the Academy of Scientific Research, with the support of the Danish Partnership Programme through the African Development Bank and Donor Trust Fund.
The graduation ceremony was held under the auspices of Mahmoud Sakr — President of the Academy of Scientific Research — and in the presence of Ismail Abdel Ghaffar, President of the Arab Academy for Science, Technology, and Maritime Transport; along with Sherif Saleh, Head of the Upper Egypt Development Authority; Hanan Magdy, Deputy Governor of New Valley; Ghada Khalil, Director of the 2030 Pioneers Project of the Ministry of Planning; and representatives of the African Development Bank Samuel Komara, Jehan Al-Sukary; and a group of officials; experts; and those concerned with entrepreneurship.
Farouk praised the Tanmeya wa Tatweer project for its role in developing the agricultural sector in Egypt. He also congratulated entrepreneurs in Upper Egypt (Qena, Luxor, Aswan, Sohag, Assiut, Beni Suef, Minya, and New Valley) who presented their projects and start-ups, pointing out that their projects are characterised by creativity and innovation and cover many aspects in the agricultural sector, stressing the bank’s interest in providing support and financing to up to 100 start-ups.
He also highlighted the importance of technology in developing the agricultural sector and increasing productivity.
“It is essential for all of us to support and encourage the projects of young entrepreneurs, especially innovative projects such as those presented at the business incubator, by providing support, guidance, and sponsorship, as well as providing the necessary funding for the success of these projects. The success of these projects will bring many benefits, including jobs for young people,” he said.
He added that the ABE will communicate with project owners who graduated from the incubator to help them and provide them with various kinds of support.
Furthermore, he announced that the ABE will organise a conference in the New Valley with great potential and promising youth with the aim of getting to know them closely, studying their needs, identifying challenges they are facing, and providing support to them to ensure their projects are successful.
Farouk noted that most of the bank’s projects are in the governorates of Upper Egypt, especially the New Valley governorate, which receives great attention as it is a promising governorate that is full of opportunities.
