About The bank
Mr. Elsayed Mohamed Marzouq Elkosayer
The rapid and the successive developments as well as the structural changes in the economy involve implementation of a new policy to support the agricultural credit and to increase the size of the credit flow. In other words, changes could be realized by applying advanced credit systems that are characterized by a greater capacity to assess and manage risks, increasing the administrative skills in this field and making use of modern information technology. Thus, Agricultural Bank of Egypt will be able to provide various banking and financingservices to farmers and to achieve the requirements of the comprehensive agricultural development. The bank will also be able to provide a full range of retail banking services in rural and urban areas, and to finance micro, small and medium enterprises within the framework of sustainable financial capacity while focusing on increasing competitiveness and achieving efficient administrative system.
In this regard, we would like to emphasize that agriculture is an essential tool for combating poverty and for achieving the sustainable development as it is an economic activity and an important source of economic growth. It is also a main source of various investment opportunities, and a source of income for the vast majority of the population. Accordingly, the agricultural sector needs the mobilization of all areas of technical, financial and environmental support in order to be able to perform its assigned role in achieving development and raising its levels in a stage that seems to be the most historically difficult. This requires a strong political will to face the coming challenges as well as accelerating the movement towards high value agriculture, improving the investment climate and regulating the management of the natural resources to achieve the targeted agricultural productivity. We would like to point out that the shortcomings in the agricultural finance market require solutions and perhaps new technical and administrative innovations. Without such solutions and innovations we will not be able to achieve tangible progress in expanding the range of financial and financing services outreach in rural areas.
Therefore, we should have a holistic view. We fully believe that the challenges faced by the bank, being primarily responsible for financing the agricultural sector in Egypt, during the phase of change and development represent in themselves stimulating opportunities to achieve the desired objectives as well as achieving financing self sufficiency and full reliance on our own resources in financing our operations. This in turn increases our responsibility and prompts us to renew our commitment to move towards performing our role as a main contributor to agricultural and economic development.
We have achieved tangible results in the bank’s financial position reform. We benefited greatly from the new law putting the bank under the subordination of the Central Bank of Egypt which supports our bank in the process of development and restructuring. We strongly focus on moving towards new prospects in providing all financial and financing services through applying the principle of financial inclusion. We have also recently been able to cooperate with a number of banks and financing institutions, and we seek further cooperation after the completion of the technological infrastructure development. Everyone is invited to participate strongly in the process of the desired change which we will reap its benefits by placing the bank in the position it deserves in the banking market. I hope that the next phase will witness continuous success.