Arab Finance: The Egyptian Countryside Development Company and Banque Misr signed two cooperation protocols to support investments by Egyptians abroad under the "Your Farm in Egypt" initiative and finance small and medium-sized enterprises (SMEs) operating within the 1.5 million feddan national project, according to a statement.
The agreements were signed by Amr Abdel Wahab, Chairman and Managing Director of The Egyptian Countryside Development Company, and Hisham Okasha, CEO of Banque Misr.
The first protocol falls under the "Your Farm in Egypt" initiative, which provides Egyptians living abroad with opportunities to invest in agriculture and own agricultural land ranging from 40 to 200 feddans, either as individuals or through contracting companies.
The second protocol aims to finance investors operating within the National Project for the Reclamation, Cultivation, and Development of 1.5 Million Feddans who meet the Central Bank of Egypt's SME criteria. Financing will cover projects in several areas, including El-Moghra, West Minya, West Minya Extension, Old Farafra, Toshka Wells, and El-Tor.
Amr Abdel Wahab, Chairman of the Egyptian Countryside Development, said the agreements are intended to expand access to financing and banking services for investors and beneficiaries within the project.
He added that nearly 600,000 feddans have been reclaimed and cultivated across various project locations, while the initiative has generated around 500,000 direct and indirect job opportunities.
According to Abdel Wahab, the project covers activities including agriculture, livestock and poultry production, fish farming, agro-processing, logistics, and related sectors.
He also noted that the "Your Farm in Egypt" initiative aims to enable Egyptians abroad to participate in agricultural investment projects and support development efforts.
The partnership with Banque Misr will provide banking and financing services for project beneficiaries, including facilitating dollar transfers related to the initiative and supporting SMEs operating across project areas.
For his part, Hisham Okasha, CEO of Banque Misr, said the agreements align with his lender's efforts to support national projects related to agricultural development and food security.
He added that the bank will provide banking and financing solutions for Egyptians abroad and SMEs, while continuing to cooperate with national institutions to support economic development initiatives.
