The Central Bank of Egypt (CBE) has approved an additional 1 billion Egyptian pounds ($63.7 million) to finance the National Project for Veal Revival, according to Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE).
The additional financing comes within the CBE’s initiative to support and finance individuals and small projects with a 5 percent annual declining interest.
As a result, the additional finance will bring the size of the loan portfolio that the ABE will grant to the beneficiaries of the project up to 3 billion pounds.
Farouk said that increasing the lending portfolio size for the project will provide additional financing for about 7,000 customers to buy and feed about 68,000 livestock.
He pointed out that the bank is currently providing financing of 2 billion pounds to about 11,500 breeders with a total of about 170,000 head of livestock.
Farouk highlighted the project’s importance in reducing the gap between the volume of imports and the consumption of red meat.
The project is progressing according President Abdel Fattah al-Sisi’s directives to achieve self-sufficiency in animal production and reduce red meat prices to meet the needs of citizens.
Farouk pointed out that the national veal project is an important national project that has been implemented by the state to support small farmers and livestock producers. It aims to motivate them to expand their activities, with Farouk stressing that the project has achieved great success since its launch.
This includes increasing the production of red meat and its products, and stabilising their prices in the market.
He explained that the ABE provides the necessary financing for the national project to revive veal in cooperation with the Ministry of Agriculture and Land Reclamation.
The finances of the project are provided through soft loans at a reduced annual interest of 5 percent, in accordance with the initiative of the Central Bank of Egypt to support small and medium enterprises.
Farouk expressed his appreciation for the role played by the Ministry of Agriculture and Land Reclamation in intensifying field follow-ups for the beneficiaries of the project.
He noted that the ministry also provides veterinary care and guidance, studying any problems facing the beneficiaries on the ground and working to overcome them first-hand, which contributed to the success of the project to achieve the desired goals.
