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Head of the Agricultural Research and Development Fund Mohamed Eid Abdel Mageed said the fund will provide farmers, individuals and joint stock companies working in agriculture with loans worth 500 million EGP. He said, "Agricultural progress should easily be achieved with the new post-January 25 Revolution generations coming through.”
The fund will provide farmers with loans starting from 10,000 EGP to 300,000 EGP, while individuals or joint stock companies will be entitled to between 300,000 EGP and six million EGP. The move aims to support Egyptian agriculture, its researches and support farmers in different villages.
Abdel Mageed stressed the offer was only available to agricultural projects, adding that the Commercial International Bank (CIB) is charged with reviewing each project’s information before approving its loan. He said the fund will assess the project technically and environmentally before presenting the results to the Board of Trustees for approval of the loan. Abdel Mageed told Youm7 the fund had spent two billion EGP over the past five years supporting different agricultural projects.
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