In continuation of the success of the Agricultural Bank of Egypt in achieving high growth rates in business results indicators, the bank continued during the first half of the year 2024 to confirm its distinction as one of the most important banks in the banking sector in financing agricultural projects and related industrial and service activities and stimulating investment in the agricultural sector in all its production areas, in order to achieve The state’s vision is to maximize productivity and added value to the agricultural sector in Egypt to develop agricultural, livestock, poultry, and fish production.
According to the indicators of the Agricultural Bank of Egypt’s business results during the first half of 2024, the size of the loan portfolio at the end of June 2024 amounted to about 75.27 billion pounds, which is about 6 billion pounds more compared to the size of the loan portfolio at the end of June 2023, which amounted to about 69.4 billion pounds, and the number of clients reached The beneficiaries of these loans are about 518,040 clients (individuals and companies), as a result of the bank’s continued follow-up of disciplined credit policies to link lending to production and direct financing to serious productive activities, which contributes to stimulating investment in the agricultural sector in all its production areas.
While the deposit portfolio witnessed a remarkable increase, jumping from 161.481 billion pounds on June 30, 2023 to reach 184.84 billion pounds by the end of June 2024, which represents the culmination of the bank’s development efforts, which contributed to improving the quality of its banking and financing services to meet the needs of its customers of all categories, and also strengthened the bank’s mental image among the public. Its customers and their confidence in the bank’s ability to manage their savings and facilitate their transactions according to the latest banking systems.
According to the classification of the loan portfolio, loans directed to finance the agricultural sector and related industries represent about 80% of the size of the credit portfolio, as the bank doubled during the first half of this year the volume of financing directed to the production of agricultural crops, which small farmers obtain, with a return of 5%, as the size of the financing portfolio reached Agricultural crop loans amounted to about 23.8 billion pounds, and the volume of grants during the first half of this year amounted to about 8.961 billion pounds, with a total of 95,433 agricultural loans, which confirms the bank’s keenness to improve the standard of living of small farmers and enhance their production capabilities by increasing the credit categories for agricultural crops by percentages ranging between 25 % and 70% to help farmers bear the significant increase in production costs and requirements.
The bank also achieved significant growth in the volume of loans directed to finance activities and medium, small, and micro projects due to the bank’s role in supporting and encouraging all productive sectors to enhance local production, out of the bank’s keenness to create a competitive national industry capable of competing in the local market, as the volume of financing for small companies reached About 6.733 billion pounds benefited 6,202 small companies, while the volume of financing for medium-sized companies amounted to about 5.573 billion pounds for the benefit of 176 companies, and 1,843 micro-enterprises were financed with a financing volume of about 435.27 million pounds.
At the same time, the bank’s role in financing projects and major companies has grown to maximize its role in supporting and developing the national economy, as the number of major companies operating in the agricultural sector and activities related to it increased from 119 companies by the end of June 2023 to reach 208 companies by the end of June 2024, of the major companies amounting to 119 companies by the end of June 2023. The volume of its financing is about 16.5 billion pounds, which is a new achievement added to the total achievements achieved by the bank to stimulate investment in the agricultural sector and related activities, as well as the ability of these companies to provide direct and indirect job opportunities and improve the income level of a wide sector of citizens in all governorates.
