As part of its support to the agricultural activities in Egypt, ALEXBANK signed a cooperation protocol with the Egyptian Countryside Development Company (ECDC), aiming at facilitating companies committing in the National Project for the Reclamation and Cultivation of “One and a Half Million Feddans”, activated in several areas including Al-Moghra, West Minya, West Minya Extension, Old Farafra, Toshka Wells and Al-Tur.
Under the signed protocol, ALEXBANK will be able to provide tailored financing solutions to beneficiaries wishing to purchase assets needed to develop their agricultural business.
The signing was attended by Major General Engineer Amr Abdel Wahab, Chairman & Managing Director of the ECDC, Mr. Dante Campioni, Managing Director and CEO of ALEXBANK, General Ayman Sakr, CEO of ECDC, Mr. Sherif Lokman, Deputy CEO and Head of Retail & SME Division at ALEXBANK, in addition to various executives from both entities.
"Our partnership with one of the largest agricultural reclamation companies, the Egyptian Countryside Development Company, aims to contribute to one of Egypt’s major national projects and to extend the Bank's numerous services to a larger base of companies working in the field of land reclamation in Egypt. ALEXBANK is keen to support the development of the agriculture sector, recognized as a major contributor to the Egyptian economy, counting for about 11% to the country's GDP formation,” stated Dante Campioni.
Major General Engineer Amr Abdel Wahab, Chairman & Managing Director of the ECDC welcomed the cooperation with ALEXBANK, stating: "The cooperation aims to support the Beneficiaries of the 1.5 Million Feddans National Project and creating new integrated communities that include all the related industries that are based on land productivity, along with agricultural activity in all its various forms, as well as developing new economic developmental areas, that are implemented in accordance with modern scientific methods and mechanisms, in a way that contributes to the development of the Egyptian national economy. "
Major General Amr Abdel Wahab added: "The protocol with ALEXBANK falls within the framework of implementing the state's strategy and Egypt's 2030 Vision towards developing the agricultural sector, especially regarding the establishment and implementation of developmental projects, that would provide basic needs of citizens of food , on top of which comes expansion projects in the agricultural areas and providing technical and financial services for these projects, in order to develop their businesses. "
Major Amr pointed out: "The protocol marks the start for providing financial and banking services for project’s beneficiaries through ALEXBANK, whilst taking the bank’s geographical spread all Egypt as an advantage, as well as the bank’s new branches that can be located within the different areas of the project, thus enabling all beneficiaries to access the bank’s services which meet their daily needs via fast and safe means."
Mr. Sherif Lokman, Deputy CEO and Head of the Retail Banking and Small & Medium Enterprises division at ALEXBANK commented: "The cooperation with the New Egyptian Countryside Development Company through this protocol represents a new milestone for ALEXBANK’s distinguished support in the agricultural sector, one of the most critical sectors for Egypt’s sustainable development. Through the established cooperation, ALEXBANK will provide a range of solutions capable to meet the diversified needs of agricultural companies, supporting their activities’ development."
It is worth mentioning that ALEXBANK aims at contributing to the sustainability of farmers’ economic activities, offering financial and non-financial services, enhancing their productive capacity and ensuring their equitable access to resources and opportunities.