Egypt's Agricultural Development Programme plans to double its financing portfolio from EGP 5bn to EGP 10bn while expanding lending in local and foreign currencies. The plans were announced during a meeting with agricultural investors and financial institutions.
Hamdy Azzam, director of the Agricultural Development Programme, made the announcement at a meeting organised by the Agriculture Committee of the Egyptian Lebanese Businessmen’s Association. The committee is chaired by Haitham Akry El Hawary.
The programme, affiliated with the Ministry of Agriculture and Land Reclamation, operates through 16 banks with Commercial International Bank as the lead agent. It draws funding from international institutions including the Japan International Cooperation Agency, the European Union and the French Development Agency.
Azzam said the programme will offer foreign currency loans of up to $1.5m per project to support exporters. It finances activities such as smallholder farming, solar energy systems, modern irrigation and food processing.
Agriculture contributes around 15% of Egypt’s GDP and employs more than 18% of the workforce, Azzam noted. The programme also targets Upper Egypt governorates including Sohag, Assiut, Qena and Minya.