Agricultural Bank of Egypt posts loan portfolio of EGP 46.37bn during April: Chairperson

The Agricultural Bank of Egypt’s (ABE) loan portfolio increased by EGP 12.5bn from March 2020 to April 2021 to reach EGP 46.371bn, the bank’s Chairperson Alaa Farouk has revealed.

He pointed out that loans that fall within the scope of the Central Bank of Egypt (CBE) initiatives with a return of 5% and 8% account for about 90% of the bank’s total loans.

Farouk added that the bank succeeded in increasing deposits and certificates of deposit by more than EGP 15bn during the same period. This meant that the volume of deposits at the end of April 2021 amounted to EGP 78.155bn compared to EGP 63.133bn in March 2020.

He indicated that since he assumed the presidency of the bank nearly a year ago, the ABE has been able to achieve a great leap in increasing the volume of deposits, as it was able to reach homes and rural villages.

He pointed out that the bank’s “Bab Rizk” product supports rural development and addresses rural women. He also pointed to the bank’s intention to re-launch the “Bint Misr” product, with new features to support Egyptian women.

Farouk revealed that the bank has allocated about EGP 2bn to finance Egypt’s modern irrigation system. He stressed that the bank plays a major role in supporting the efforts of the state and the Ministry of Agriculture to line canals and drains.