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ABE injected EGP586mln into acattle-breeding project

Thursday 03 January 2019 11:33 PM

ABE
ABE


By Sayed Badr
The Agricultural Bank of Egypt's cattle-breeding portfolio jumped to EGP586mln in December 2018. 
Ministry of Agriculture decided back in July 2017 to revive a cattle-breeding project in collaboration with ABE through extending EGP400,000 loans to junior beef breeders at diminishing interest rate of 5 percent falling within the framework of the Central Bank of Egypt's initiative supporting small and medium sized enterprises. 
" With funding totaling EGP500mln injected by both CBE and Ministry of Finance into the cattle-breeding project, ABE eyes a new financing of EGP30mln to be injected into the project," deputy chairperson of ABE Tamer Gomaa told Al-Mal newspaper. 
On the same vein, Gomaa unveiled that ABE has sealed a deal to install 82 ATM machines in first phase before providing all its 1210 branches with the machines.
" ABE seeks to hold a general assembly meeting chaired by CBE in order to pass decisions relating, among others, to a due diligence audit," said he. 
CBE has extended interest-free deposit worth EGP6.5bn, uplifted to EGP10bn recently, to CBE late 2017 for a 20-year maturity. 




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