Egypt's Agricultural Exports Reach $70M in 1H

The Vice-chairman of the Agricultural Bank of Egypt (ABE) Tamer Gomaa said on Wednesday that farmers dealing with the bank exported agricultural products worth $ 70 million.

This came on the sidelines of a conference for Raya Holding For Financial Investments.

Gomaa noted that these products were exported during the first half of this year, adding the bank is supporting farmers to boost agricultural share during the coming period.

He pointed out that 65 percent of the credit portfolio is directed towards farmers' financing while the bank's deposit portfolio amounted to EGP 57 billion by the end of June to 2.7 million customers.

According to official data issued by the Agriculture Export Council, Egypt's total agricultural exports during the period from September-May amounted to about 3.3 million tons at $ 1.6 billion.

The Vice-chairman said that the bank will provide funds ranging from EGP 60,000-90,000 per feddan in the Value Added Chains project in partnership with Raya Foods.

He added that the financing will be through a tripartite contract between the bank, the farmer and Raya.