NBE to finance 1.5-million-feddan reclamation project beneficiaries

The National Bank of Egypt (NBE) has signed a cooperation protocol with the Egyptian Countryside Development Company (ECDC) to finance investors benefiting from the national project to reclaim, cultivate, and develop 1.5 million feddan.

The land is located in many areas, including: Al-Moghra; West Minya; West Minya Extension; Old Farafra; Toshka Wells; and Al-Tur, among others.

The signing was attended by NBE Chairperson Hisham Okasha, ECDC Chairperson Amr Abdel-Wahab, and Yahia Aboul-Fotouh, Vice Chairperson of the NBE.

Okasha said that the protocol is a reflection of the NBE’s interest to support and develop small- and medium-sized enterprises (SMEs), especially those involved in agricultural activities.

The protocol aims to provide an integrated system of financial and technical solutions with specific roles for all parties, through which the necessary funding is provided to the owners of agricultural lands. These owners will be taking part in the national project for reclamation, cultivation, and development of 1.5 million feddan, with all areas of agricultural activity financing covered.