Agricultural Bank of Egypt, Giza Commerce Chamber to partner on developing poultry production
Published 26 Jul,2020 via Daily News Egypt - The Giza Chamber of Commerce plans to sign a cooperation protocol with the Agricultural Bank of Egypt (ABE) with the aim of developing poultry production in Egypt.
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, whether for establishing slaughterhouses or new poultry farms.
He praised 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.
Al-Sayed’s 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.
He said that 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, 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 EGP 4bn, with the ABE’s 1,210 branches spread out across Egypt easing access to the customers wishing to obtain finance.
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 not also 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 with regard to financing heating projects using renewable energy.
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