The Central Bank of Egypt (CBE) allocated 10 billion pounds to National Bank of Egypt (NBE) and the Agricultural Bank of Egypt (ABE) to finance animal production.
Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), said CBE allocated the money to finance animal production projects at an interest rate of 5% in response to the directives of President Abdel Fattah El Sisi.
During his speech at a People and Banks conference on Tuesday, Farouk added that the ABE has valuable experience in financing animal production, affirming that the biggest evidence is the success of the veal project.
Moreover, the Chairperson stated that the bank's loan portfolio achieved a growth of 40% during the last fiscal year to record 56 billion pounds until last October.
He also mentioned that the bank is set to begin operating its new electronic system next June after completing its activation.
He also pointed out that the bank had pumped 14 billion pounds of funds into the greenhouse project, with an interest rate of 5%, within just two years.
Contributed by Omnia Ahmed
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