The National Bank and the New Valley Governorate sign two cooperation protocols

The National Bank of Egypt announced the signing of two protocols of cooperation with the New Valley Governorate, with the aim of providing financing and technical services for the projects proposed by the governorate, whether through the agricultural developer system through companies to be determined by the governorate that undertake the delivery of utilities, land rehabilitation, extension of irrigation networks, solar energy applications, or land offered directly. From the governorate to the investors and in the same context, as well as cooperation in the field of offering land distinguished in the governorate, whether (sale / participation / usufruct).

The protocols were signed by Dr. Hanan Magdy, Deputy Governor of the New Valley, Saad Mohieldin, Head of the Small and Medium Enterprises Sector, and Khaled Helal, Head of Investment Trustees of the National Bank of Egypt.

According to a press release issued by the National Bank, today / Thursday /, Muhammad Al-Zamlot, Governor of the New Valley, expressed his pride in signing the protocol, which comes within the framework of the state’s efforts to support and develop small and medium enterprises and provide new job opportunities, which contributes to addressing the problem of unemployment, especially in areas that It affects the basic needs of citizens, which comes at the top of agricultural development projects and livestock, especially in the areas of the New Valley Governorate, which are rich in extended agricultural lands that allow room for expansion in agricultural development, which is one of the most important plans of the state in development in general and which are included in Egypt’s strategy 2030, stressing his gratitude for the role The growing pivot of the National Bank of Egypt in supporting small and medium enterprises.

For his part, Hisham Okasha, Chairman of the Board of Directors of the National Bank of Egypt, indicated that the protocol comes within the bank’s strategy and ambitious plans to promote small and medium enterprises in general, and in particular the agricultural sector, due to its strategic importance in bridging the food gap, limiting imports from abroad, and the superior ability to provide Job opportunities as one of the labor-intensive sectors.

He explained that the purpose of the protocol is to provide all credit facilities, including financing the value of irrigation networks, solar energy applications, agricultural mechanization, and financing the agricultural cycle with the contract farming system for projects proposed by the New Valley Governorate, whether by the agricultural developer system through companies that are determined by the governorate to undertake the construction of all facilities. Rehabilitation of lands, extension of irrigation networks, solar energy applications, or lands offered directly from the governorate to investors, to ensure the implementation of agricultural development projects in the governorate, leading to the advancement of investment in Egypt.

In turn, Saad Mohieldin said that the protocol will provide the necessary financing for the targeted projects, as well as export operations, import orders, the issuance of letters of guarantee in all its forms, and the provision of banking services to the owners of agricultural lands by opening current accounts for the beneficiaries and using them to pay any obligations to customers by the dealing parties, in addition to providing a package of services. Non-financial for qualified projects, which is represented in all types of technical advice that investors may need.

He explained that the portfolio of small and medium enterprises at the National Bank of Egypt amounted to about 146 billion pounds, of which 23 billion were for the agricultural sector, benefiting about 60,000 customers.

For his part, Khaled Helal said that cooperation with the New Valley Governorate included mechanisms for presenting promising investment opportunities in the governorate and the facilities provided to investors in terms of the capabilities, components and readiness of the offered lands in terms of providing them with a network of facilities that qualify them to attract more investments and promote the opening of new horizons for investment in the governorate, which contributes to increasing Development rates and attracting investors to establish projects in various sectors, as well as benefiting from the services provided by the National Bank of Egypt and its technical and human capabilities in strengthening the offering, marketing and promotion methods to support these proposals.

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