Agricultural Credit Bank Pays EGP 2.4 Bln For 912,000 Tons Of Wheat

Alaa Samaha, chairman of Principal Bank for Development and Agricultural Credit, said that wheat storehouses are witnessing high demand from farmers to store the wheat crop. Farmers brought 912,000 tons of wheat out of the total 4.5 million tons of wheat to the stores of the bank which paid EGP 2.4 billion for them, he added.

During an interview on Hona Al-Assema TV talk show, he revealed that the bank will probably rent additional storehouses to accommodate more wheat crops.

The bank pays the value of the wheat for the farmers in 24 hours and the farmer has two options either to receive 90% of the value of the wheat and get the rest value on the following day after the sorting and quality assessment processes or to deliver his production and receive the total value of the crop on the following day.