Morsi Orders Offering New Credit Policies

In a remarkable change in its credit policies it offers to farmers, the Principal Bank for Agricultural Development and Credit will offer on 14/4/2013 unprecedented credit facilities. Under these facilities, the bank will offer subsidized loans to farmers with an interest rate of no more than 5.5%. This comes within the the efforts exerted by the government to ease the burdens on small farmers and to raise their incomes.

Under the new rules, the bank will ease down the guarantees it used to ask for 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 small farmers and facilities would be extended to farmers in case of contingencies.

In the same context, Minister of Agriculture Salah Abdel Mo'men 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.