Agricultural Bank of Egypt to sign a $2.791 mln contract with MSMEDA

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Agricultural Bank of Egypt, has signed a new contract with The Micro, Small and Medium Enterprises Development Agency (MSMEDA) worth 50 million Egyptian pounds ($2.791 million) .

The Chairman of Agricultural Bank of Egypt, ElSayed ElKosayer, told Amwal Al Ghad that the new contract will be directed to funding agricultural and rural development projects.

He added that the bank has signed agreements worth 2.8 billion pounds with MESMEDA since the beginning of its dealings with the agency.

On the other hand, the small and micro enterprises along with Small-scale farmers projects capture 75 percent of the total credit portfolio that record 26 billion Egyptian pounds.

Agricultural Bank of Egypt is considered one of the most important development institutions for the agricultural activity in Egypt. It is one of the biggest agricultural banks in the Arab world and Middle East as it owns more than 1210 branches and village banks that cover all the country of Egypt.