Sami Abdelsadek, Acting Chairperson of the Agricultural Bank of Egypt (ABE), announced that the bank is focusing on developing the agricultural sector and fostering rural development. He highlighted that loans allocated to financing the agricultural sector, along with industries and production activities related to it, now account for 80% of the bank’s credit portfolio.
Abdelsadek revealed that the bank had doubled its financing for agricultural crop production this year, offering small farmers loans at an interest rate of 5%. As of September 2024, the agricultural crop loan portfolio reached EGP 25.6bn, benefiting approximately 252,000 farmers across Egypt’s governorates. This represents an increase of EGP 8.2bn compared to September 2023, when financing totaled EGP 17.4bn.
He made these remarks during his participation in the “Your Path is Green” conference, which aimed to encourage small agricultural projects. The event, attended by Alaa Farouk, Minister of Agriculture and Land Reclamation, focused on supporting small and micro enterprises and motivating young people to launch their own ventures.
In his speech, Abdelsadek emphasized that the bank is making significant strides toward aligning with the government’s vision to establish ABE as the leading contributor to the development of the agricultural sector and related activities. He stressed the bank’s role in financing micro, small, and medium enterprises (MSMEs) and providing greater access to financing opportunities, innovative mechanisms, and incentives to support entrepreneurs and foster comprehensive development, ultimately contributing to the national economy.
Over the past five years, the bank has successfully increased its business volume by 400%, significantly improving its services and meeting customer needs across all sectors.
Abdelsadek emphasized that young people are a powerful force for development when equipped with the necessary knowledge, opportunities, and skills. The bank has been a key player in implementing the Central Bank of Egypt’s directives to empower youth, with initiatives such as NilePreneurs, which offers both financial and non-financial support to entrepreneurs and startups. More than 64% of the bank’s credit portfolio is allocated to financing MSMEs.
Furthermore, Abdelsadek noted that the bank has hired approximately 5,000 graduates from top universities over the past five years. In conclusion, he encouraged young people to believe in their dreams and trust in their abilities to turn their ideas and projects into reality.
