Morsi Orders Offering New Credit Policies

In a big change in its credit policies it offers to farmers, the Principal Bank for Agricultural Development and Credit will offer on Sunday 14/4/2013 new facilities for the first time. Under these facilities, the bank will offer subsidized loans to farmers with an interest rate of not more than 5.5%. This comes within the framework of efforts exerted by the government to ease the burdens on junior farmers and to raise their incomes.

Under the new rules, the bank will ease down the guarantees it used to ask in order to offer loans. Five million farmers will benefit from the new facilities. Under the new rules, new banking and legal files would be made for junior farmers and facilities would be extended to farmers in case the crop suffered any contingencies.

In the same context, Minister of Agriculture Salah Abdel Moamen said these facilities come within the framework of directives by President Mohamed Morsi to ease the guarantees of agricultural loans. He said the Ministry and the Agricultural Research Center are prepared to act as consultant houses for farmers and to offer full dressed studies on any project so as to guarantee that it would not falter.