July 28, 2020

Egypt's agriculture bank in cooperation to develop local poultry sector

Egypt's Giza Chamber of Commerce will sign a cooperation protocol with the Agricultural Bank of Egypt (ABE) to develop poultry production in the country.

The protocol will also facilitate the establishing of poultry farms and slaughterhouse projects, as part of the state and Central Bank of Egypt (CBE) initiative to fund small projects with 5% declining interest rate.

Sameh Al-Sayed, head of Giza Chamber's Poultry Division, said the protocol's terms are being prepared. These are set to include the formation of a joint committee to remove any obstacles for those wishing to obtain financing for either establishing slaughterhouses or new poultry farms.

Al-Sayed commended the financing mechanisms adopted by Egypt's banking system, under the CBE's leadership, as well as the new policies adopted by the ABE to expand project financing. His comments came during a meeting held by the division to discuss the state's plan to expand slaughterhouse construction. The meeting also reviewed the mechanisms needed to implement Law No 70 of 2009 on preventing the trade of live birds.

According to Al-Sayed, the Poultry Divisions at the Giza and Cairo Chambers of Commerce are working in collaboration with the General Federation of Poultry Producers to Egypt's poultry wealth sector. This will happen in cooperation with the country's relevant agencies.

Al-Sayed explained that the activation of Law No 70 of 2009 fulfils the interests of all parties concerned, especially consumers, and would help reduce the spread of pandemics.

Osama El Refaey, a member of the Giza Chamber of Commerce's board of directors, revealed that the chamber intends to launch a free platform for traders for a period of three months.

The platform, which will be set up in cooperation with the Alexandria Chamber of Commerce, will largely be devoted to the poultry trade. Whilst El Refaey noted that this is set to strengthen the application of Law No 70 of 2009, he stressed that commodity stock exchanges are the most important means of controlling markets and lowering prices.

Khaled Hassan, head of the ABE's Giza sector, revealed that the bank's management is set to implement a new banking system that will be activated within two years. He noted that the new system will boost livestock and poultry sector project financing.

The bank's total investments and financing will reach about E£4 billion (US$250.2 million).

Hassan added that the bank has intensified its participation in financing poultry sector projects, whilst stressing that the bank is looking to play a more supportive role in financing measures. The ABE has also not received a single complaint due to the developed mechanisms that include more facilities available to customers.

He noted that the bank has prepared adequate studies to develop the poultry wealth sector, especially in regard to financing heating projects using renewable energy.

- Daily News Egypt