May 30, 2024
Loans

ABE offers soft loans for cattle import, milking machines


The Agricultural Bank of Egypt (ABE) has launched the “Dream” initiative to help small breeders and farmers buy genetically improved and highly productive cattle, as well as automated milking machines. The initiative provides soft loans with a 5% decreasing interest rate.

Alaa Farouk, the bank’s president, said that this initiative supports the state’s vision of creating contractual relationships between small farmers and manufacturers. The goal is to activate value chains for breeding genetically improved cattle with high milk production. The initiative also aims to increase meat and dairy output, reduce the gap between local and imported products, and improve the living standards of small farmers and workers in this vital sector.

Farouk highlighted the bank’s commitment to supporting the state’s efforts to achieve agricultural and rural development in all aspects. This enhances their contribution to the national economy and sustainable development. These efforts also improve the living standards of farmers and livestock breeders, who make up the majority of the rural population.

He added that this initiative reflects the national commitment of the Agricultural Bank of Egypt to use all its resources to achieve the goals of the presidential initiative “Decent Life” for the development of rural villages. This includes providing employment opportunities to improve the living standards of rural residents. The bank encourages them to buy and breed genetically improved cattle with high milk production, which significantly increases the income of farmers.

Farouk assured ABE’s commitment to providing all the success factors for this initiative. The bank will open documentary credits to finance the import of a thousand heads of Holstein cattle as a first stage for the benefit of HealthyMilk Company, which signed a cooperation protocol with the bank.

He explained that the bank would finance the beneficiaries, small breeders and farmers, to buy cattle, feed, and automated milking units with soft loans at a simple decreasing interest rate of 5%. Repayment will be made from the production and sale of milk and offspring, according to the Central Bank of Egypt’s initiative to support small activities in agricultural and livestock production.

ABE chairperson said that the bank will start receiving financing requests from small farmers and breeders who want to benefit from the initiative through simplified procedures. HealthyMilk will be responsible for insuring cattle and providing feed, veterinary care, vaccinations, and serums. The beneficiaries will also receive free training courses to ensure the optimal breeding of cattle for maximum benefit. The company will also collect and buy milk and offspring from breeders daily at competitive prices, benefiting a large number of beneficiaries.

This announcement was made during a conference held at the headquarters of HealthyMilk’s factories and farms in Minya Al-Qamh, Sharqeya. The conference was attended by the Minister of Agriculture and Land Reclamation, Elsayed Elkosayer; the governor of Sharqeya, Mamdouh Ghorab; the head of the agriculture and irrigation committee in the House of Representatives, Hisham El-Hosary; and the chairperson of Healthy Milk, Mohamed Mostafa Lotfy, along with several members of the parliament, bank officials, and representatives from the Ministry of Agriculture and the beneficiaries of the initiative.



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