Arab Finance: The National Bank of Egypt (NBE) signed two financing agreements totaling €50 million with the French Development Agency (AFD), along with a €4 million grant, under the Sustainable Agricultural Finance Program (SASME 2).

The signing, which took place on the sidelines of the celebration marking 20 years of partnership between the AFD and Egypt, aims to support the development of the Egyptian agricultural sector.

The funding will be utilized to expand access to tailored financing for small farmers, agricultural cooperatives, micro, small, and medium-sized enterprises (MSMEs) operating across the agricultural sector, as well as companies engaged in food processing and related agricultural value chains.

This will contribute to boosting agricultural productivity, achieving food security, and supporting sustainable economic growth.

Moreover, the agreements include a grant and technical assistance valued at €15 million from the European Union (EU), managed by the AFD. A wide range of stakeholders involved in sustainable agricultural finance, including banks, regulatory authorities, and project beneficiaries, will leverage this package.

Last week, Egypt signed eight cooperation agreements and memoranda of understanding (MoUs) on June 24th with AFD, the EU, and several French companies, covering healthcare, education, technical training, green industry, and local development projects.