Egypt’s Agricultural Bank expands ‘Bab Rizq’ microfinance programme to 86 villages in Sohag

Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), has announced that the bank is expanding in financing micro projects in Sohag as part of Bab Rizk programme.

The projects will be in 86 villages included under Decent Life initiative which main objective is improving the quality of life in the poorest rural communities within the framework of the Sustainable Development Strategy: Egypt Vision 2030, through decreasing multidimensional poverty and unemployment rates.

Farouk explained that the Bab Rizk programme is the latest financing provision recently launched by the bank to support and finance micro enterprises. It is mainly aimed at empowering rural women and those who are their family’s breadwinners, as well as youth, in Egyptian villages.

The programme aims to help the target beneficiaries with their businesses, while generating jobs for young people. This is expected to take place in a way that supports the state’s efforts to achieve financial inclusion, and enhances the capabilities of young people in maximising the benefits they receive from the banking services.

He pointed out that the bank is organising a number of awareness activities and public gatherings in the villages in Sohag in which the Bab Rizk programme will be launched.

He also announced the installation of 40 new ATMs in the villages of Sohag , bringing the total number of ATM machines in the villages of the governorate to 100 machines, which were installed during the past three months as part of efforts to develop the bank to provide all its financial and banking services and to facilitate the access to financial transactions.