Agricultural Bank of Egypt partners with MAFI to boost contract farming
Updated 10/1/2024 3:34:00 AM
Arab Finance: The Ministry of Agriculture, the Agricultural Bank of Egypt, and MAFI Company for Manufacturing Agricultural Crops signed a cooperation protocol aimed at supporting contract farming and providing financial resources to farmers, as per a statement.
The agreement is expected to enhance the cultivation of crops required by MAFI for its manufacturing and export processes, contributing to both improving farmers’ livelihoods and advancing agricultural development in Egypt.
Under this protocol, MAFI will select farmers to receive financing from the Agricultural Bank of Egypt for cultivating crops that meet the company’s manufacturing and export needs.
The bank will review and approve funding requests based on its financing programs for different crops.
The ministry’s Contract Farming Center will provide technical assistance and guidance to farmers to ensure maximum crop productivity while adhering to quality standards.
The agreement also aims to address the financial challenges faced by farmers by expanding access to loans for crop production.
By improving access to financing, the protocol is expected to increase farmers’ incomes and contribute to better living standards.
It will also support smallholders, cooperative societies, and farmers involved in contract farming, stimulating investments in the agricultural sector.
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